SmartSpark Energy Systems Secures Series A Financing From Battery Ventures
SmartSpark Energy Systems announced that it has secured Series A financing from Battery Ventures. SmartSpark is based on patented technologies licensed from the University of Illinois. Battery Ventures Partner Jason Matlof joins the company’s Board of Directors in conjunction with the funding.
SmartSpark states that it develops products that support the efficient transformation of power used in renewable energy technologies. The company’s goal is to facilitate the mainstream adoption of green technologies by making them safer, less complex, more efficient and more durable. SmartSpark will utilize this early financing to develop its SolarBridge product line, which seeks to increase the adoption of solar power by lowering the cost and increasing the reliability of one of the most critical components of a solar power system – the inverter. An inverter is used to convert the dc power generated by solar panels to ac power required for consumption in homes and businesses.
"The long-term growth prospects for the solar market are clear, but it’s also clear that we need to see the cost and complexity of overall systems come down if they are to be widely adopted" said Matlof. "This is an exciting investment because we believe SmartSpark has the potential to change the economics of solar with technology to reduce the cost and increase the reliability and output of solar installations."
Rick Krein, SmartSpark’s President and CEO, said, "We are looking forward to working closely with Battery as we continue to commercialize and expand our technology base. Their management expertise, industry contacts and operational knowledge in the solar, clean tech and semiconductor markets will help accelerate our growth."