Big incentives for home electrification coming from the U.S. government, including a $9 billion commitment to states and tribal regions, means that the electric home of the future is on the way.
But managing that energy load is going to be a big challenge -- especially for older homes in the U.S. (which is most of them).
The average age American home is around 40 years-old and those homes are just not equipped for modern electric loads.
Enter SPAN, which has now raised $231 million in new financing for its work electrifying the home.
The company's smart panel is ideal for older homes struggling with managing all of the electric load and for newer homes looking to fully electrify.
Homes that want solar energy systems and energy storage options, alongside electric vehicle charging and fully electric appliances need something more than a circuit breaker that only turns things on or off.
“SPAN’s innovative products dynamically manage circuits in real-time and can avoid expensive utility service upgrades for millions of homes. We are excited by SPAN’s growth and partnership development and are expanding our investment in their journey to provide the best home electrification experience,” said Greg Wasserman, Head of Private Climate Investing at Wellington Management, which led the new round.
Backed by FootPrint Coalition Ventures and new and returning investors like Wellington Management, Congruent Ventures, Capricorn Investment Group, Qualcomm Ventures, Fifth Wall, Munich Re Ventures, A/O PropTech, Amazon’s Alexa Fund, SPAN's funding will expand its research and development work and its partnerships with big appliance companies.
SPAN already works with Kenmore on the appliance side and the big solar installer Sunrun.
Now the company has the cash it needs to develop a new facility devoted exclusively to research and development. SPAN sees its energy orchestration technology working with micro-grids and off-grid applications to drive the renewable energy revolution into even more markets.
The government estimates that going electric can save homeowners up to $1000 dollars on their bills, and SPAN is an engine to enable that.
“At SPAN, we are focused on empowering homeowners to become part of the climate solution by offering technology and customer experience that significantly simplifies the adoption of a cleaner, all-electric lifestyle," said SPAN co-founder and CEO Arch Rao. "By developing a fully integrated, open ecosystem that puts the consumer in control of every aspect of their home, SPAN is positioned to be the conduit between electrified homes and the grid that we need in order to achieve our electrification goals and ensure a clean, reliable grid.”