ABB Joins Global Syndicate to Invest in Spear Power Systems
Spear Power Systems, Inc. added ABB Technology Ventures to its global syndicate of advanced energy investors to fund expansion of the battery maker's global footprint, production capacity, and continued research and development. The round was led by Emerald Technology Ventures with significant participation from Energy Innovation Capital, Chevron Technology Ventures, Nabtesco Technology Ventures, KCRise Fund, and Foley Industries along with existing investors Evergy Ventures and Demetree Investors.
Spear sells its energy storage solutions under their Trident® (marine), Pike™ (industrial motive), and Spear® (defense) brands.
"We are pleased to add ABB Technology Ventures to what was already a highly regarded syndicate," said Jeff Kostos, President and CEO of Spear. "ABB's investment will contribute towards the scale up of our production capacity, the growth of our global footprint, and the continued advancement of our technology-leading energy storage solutions in order to better serve fast growing marine, industrial e-mobility and defense applications."
Malin Carlstrom, Senior Vice President of ABB Technology Ventures, noted "We invested in Spear due to its safe and innovative energy storage solutions. Spear's volumetrically efficient products help accelerate the transformation of our global infrastructure to something that is more efficient & more sustainable."
About Spear Power Systems
Spear designs and manufactures safe, high performance energy storage systems (ESS) for clients with some of the world's most demanding marine, industrial, and defense applications. Spear takes a chemistry agnostic approach towards integrating its in-house designed, scalable electronics, software, and mechanical systems with the most application-appropriate chemistry in order to maximize the value for its clients.