SPAN, the leading inventor in home electrification technology, announced today a $96 million Series B2 investment round, bringing the company’s total capital to $231 million. Wellington Management led the round, which included Congruent Ventures, Capricorn Investment Group, Qualcomm Ventures, Fifth Wall, Munich Re Ventures, A/O PropTech, and Amazon’s Alexa Fund, among others.
The funds will be used to strengthen SPAN’s position as a pioneer in home electrification by increasing its research and development skills and expanding its partnership reach to new categories like as major home appliances, smart home devices, and grid integrations.
This money will let SPAN expand its integration to every high-energy load in the home. Through collaborations with major home appliance brands like Kenmore and leading solar and storage providers like Sunrun, the company continues to build on the industry’s most integrated whole-home electrification technology, giving homeowners the ultimate experience with maximum value in savings, comfort, control, and resilience.
SPAN is bolstering its technology prowess by constructing a cutting-edge research and development facility near its headquarters in San Francisco.
The facility will enable sophisticated product testing in a microgrid environment capable of simulating different on-grid and off-grid conditions, hence accelerating the development of new products and features.
SPAN’s mission is to enable electricity for everybody, with the goal of electrifying 10 million homes in the United States by 2030. Because of the Inflation Reduction Act, more Americans can electrify their houses without incurring the cost and inconvenience of a utility service change.
This enables SPAN to target the households who will gain the most from electrification, such as energy savings, increased resiliency, and increased safety.
SPAN’s success began with its category-leading smart electrical panel, which assists homeowners in adopting rooftop solar, battery backup, electric vehicles, and electric home appliances by providing consumers with greater control, the best in battery backup resilience, and unparalleled energy intelligence of their home’s energy.
SPAN Panel will be available in 2020, followed by the award-winning SPAN Drive EV charger in 2022. In 2022, the company’s sales increased about 600%, and its products have been deployed in 47 of the 50 states they are available in all 50.
Almost 80% of SPAN product users have installed renewable energy and home electrification items in their houses, such as solar, battery storage, or an electric vehicle. SPAN will continue to reinvent house electrification and increase the speed of decarbonization of the US housing industry with this fresh round of investment.
SPAN has redesigned the 100-year-old electrical panel and is creating products that enable electrification and make clean energy adoption easier, such as solar, batteries, and electric vehicles. Through the SPAN Home app’s easy interface, SPAN Panel provides users with circuit-level management, real-time monitoring, and actionable energy insights.
SPAN Panel and SPAN Drive electric vehicle chargers are an efficient and integrated solution for any home, designed with hardware innovation and purpose-built with intelligent software.
SPAN, backed by prominent renewable energy investors, intends to decarbonize by developing solutions that remove barriers to electrification while providing a holistic strategy to managing rising household energy consumption.
