[Context: On December 19, Lime Rock New Energy announced leading a $75m growth equity financing in California-based Smart Wires, which makes power flow control technology for utilities and grid operators. Further details, advisors and related links are below.]
Smart Wires Announces $75 Million Growth Equity Financing
UNION CITY, Calif., Dec. 19, 2019 /PRNewswire/ — Smart Wires, a leading global provider of modular power flow control solutions to help electric utilities and grid operators solve their biggest challenges, today announces a $75 million growth equity financing led by Lime Rock New Energy.
Lime Rock New Energy financed the first tranche of the financing this week to provide growth capital to the company as it deploys its SmartValve™ solutions with customers on four continents in 2020. Smart Wires power flow control devices allow utilities to increase the efficiency and resilience of today’s power grid infrastructure. The technology’s modular nature means it’s quick to install and easy to move, thereby providing valuable flexibility.
This investment represents the first investment by Lime Rock New Energy, providers of growth capital to the new energy economy. Lime Rock New Energy representatives will join the board of Smart Wires alongside representatives from the company’s existing primary investor, 3×5 Partners.
Gregg Rotenberg, CEO of Smart Wires, said, “We are gratified to be ending 2019 with strong momentum as we head into a transformative year in 2020. Lime Rock New Energy’s growth financing, combined with our rapidly expanding customer base including our recently announced five-year framework agreement with National Grid Electricity Transmission sets a solid base as we continue deploying our industry-leading SmartValve™ technology across grids in the U.S., Europe, Australia, and South America.”
Smart Wires power flow control technology enables utilities and grid operators to unlock large amounts of underutilized transmission capacity that exists on their systems today. This means they can reduce congestion to save customers money and more quickly connect new renewables and demand. Increasing the utilization of the existing grid is a more cost-effective and less disruptive way to deliver clean, renewable energy to end customers.
Tony Arnerich, Managing Director of 3×5 Partners, said, “We welcome Lime Rock New Energy to the Smart Wires board and team. Their capital will accelerate our global sales efforts, and we look forward to partnering with them in our next phase of growth.”
Mark Lewis, a Managing Director of Lime Rock New Energy, added, “Our respect and admiration for the Smart Wires and 3×5 Partners teams is deep, and we are excited to be able to partner with them on the next phase of growth for Smart Wires. We believe that the SmartValve™ technology will become an increasingly essential technology for grid operators worldwide as they address the opportunities and challenges of transforming the grid for ever increasing renewables penetration globally.”