The humble, unloved switch panel has been around for almost a century, and here comes Span. The company is making an attractive offer for improved smart electrical panels and has just received a $90 million revaluation to continue its development. The company addresses the challenges of electrifying and balancing microgrids and ensures that the smart homes of the future will better understand the how, what and why of electricity consumption.
A few years ago, Spahn raised $10 million, integrated with Alexa, and launched a smart panel-matched electric vehicle charger earlier this year.
“I was fortunate to join Tesla in the early days of what would later define Tesla Energy. That is why I was one of the first leaders of the Energia group. People are probably most familiar with Powerwall batteries, but I was the product team leader that designed, developed, and implemented residential, commercial, industrial, and utility products from both the hardware and software sides. During my time there, they were also responsible for products like solar roofing and solar power deployment, glass roof parts if you will,” Arch Rao, SPAN CEO and founder, told me in an interview earlier this year. “One of the first things I noticed when deploying home batteries and solar systems and electric vehicle charging systems around the world is a fundamental problem with infrastructure. This will act as a deterrent to the adoption of distributed clean energy, especially if you consider electrification to be a useful part of the fossil fuel free journey we want to take. If we want to suppress [fossil-fuel focused appliances] Along with electrical upgrades, this will require massive infrastructure upgrades, starting with the electrical panels in the home.”
“We started reinventing electrical panels because they are a core component of any scalable path to home electrification, but the consumer experience demands more,” says Rao. “We are excited to use this new capital to expand our offering of products that make it easy to decarbonize the home and continue to develop the unique home energy management approach that SPAN is specifically designed for.”
The SPAN Series B funding round was led by Fifth Wall Climate Tech and Wellington Management. Other investors include Angeleno Group, Footprint Coalition, Obsidian Investment Partners and A/O Proptech. The company says it will continue to use the new funding to develop a suite of Span Home energy products and solutions to accelerate business growth and accelerate home electrification.