VoltServer secures $17.5M in Series B Funding
Innovative Energy Company VoltServer secures venture capital funding
EAST GREENWICH, RI / ACCESSWIRE / April 19, 2023 / VoltServer™, the inventor of a new distribution format for electricity, announced today that it has raised $17.5 million Series B funding, led by Marker Hill Capital and Constellation Technology Ventures, followed by the Southwire Company, RightHill Ventures, and Clean Energy Venture Group. This brings the company’s total funding to $40M.
VoltServer has commercialized a new technology class for electricity transmission called Fault Managed Power (FMP) which sends electricity in small pulses or “packets” that are individually checked for safety and embedded with data. For the first time, electricity at hundreds of volts and thousands of watts can be distributed in a format not harmful to human touch and without producing a fire hazard. FMP was recently adopted into the 2023 National Electric Code, signaling broad industry adoption within the multi-hundred-billion-dollar power distribution market. As the inventor and first mover, VoltServer will lead the first fundamental change in the format of electricity distribution in over 150 years. “Backed by their extensive industry experience and market expertise, VoltServer is poised to play a key role in advancing electrical safety and efficiency through their Fault Managed Power technologies,” said Jorge Acevedo, SVP, Commercialization & Development, Constellation. “We look forward to our collaboration with the VoltServer team as they advance their mission and develop their product offerings.”
The investment will be applied to hire top talent to accelerate next-generation products and further expansion into Communications, Intelligent Buildings, Indoor Agriculture, EV Charging, Data Centers, and other applications where rapid, lower-cost, data-enabled electricity distribution will benefit customers and the public. Additional focus will be placed on industry education, partnership development, and working with other manufacturers to integrate the technology into many third-party devices. “At Southwire, we’re committed to being a leader in corporate sustainability, and this investment is a testament to those efforts,” said Norman Adkins, president of Wire and Cable and COO. “VoltServer’s offering fits squarely in our digital power focus, combining data and DC power to create a new format of low-loss electrical distribution. We’re excited about the opportunities that this partnership will bring for Southwire, as we continue to discover, develop, and distribute strong and sustainable solutions that exceed the expectations of our stakeholders around the world.”
The company manufactures FMP transmission products under the brand name Digital ElectricityTM and has tens of thousands of circuits installed in buildings that include NFL football stadiums, smart hotels, and indoor vertical farms. The systems include extensive monitoring and control software that augments proven hardware components.
Quote from VoltServer CEO, Steve Eaves:
“Beyond obtaining more financial fuel to expand the role of Digital Electricity in the building electrification space, we are excited about the potential partnership opportunities with new investors Constellation Technology Ventures and the Southwire Company. Both have deep knowledge and expertise in the energy industry and are committed to meeting the exponentially increasing digital economy demands and decarbonization. In a single US apartment, the conversion from natural gas to electric appliances, combined with one EV charger, will triple its peak electricity requirements. This is a tremendous challenge to buildings and cities. Constellation Energy is a leading competitive energy provider, with a complementary Energy Services business that will bring immediate synergies. Southwire is a leading manufacturer of wire and cable used in the transmission and distribution of electricity. We are excited to partner with CTV and Southwire as strategic investors and look forward to advancing Digital Electricity together. Many thanks to several other new investors and our existing investors like Marker Hill Capital for their continued confidence in the progress and potential of VoltServer.”