SAN
FRANCISCO, July 24, 2024 /PRNewswire/ -- Splight, an
AI startup at the forefront of grid operations technologies, today
announced the completion of its seed funding round. The
$12M round was led by noa (formerly
A/O) and joined by EDP Ventures, Elewit, Draper Cygnus, Draper B1,
Ascent Energy Ventures, Fen Ventures, Reaction Global, Barn
Investments, and the UC Berkeley Foundation, among others.
This capital infusion will support the company's mission to
address the global, multi-generational challenge of clean energy at
scale, expanding its North America
and EU presence and continuing to grow its development,
implementation, and leadership teams to keep up with growing
demand.
Grid congestion, also known as grid bottlenecks, is a shortage
of transmission capacity caused by the grid's reliance on outdated
contingency management methods that leave up to half of grid
transmission capacity unutilized. These bottlenecks lead to up to
40% of renewable energy generation being wasted and thousands of
gigawatts of renewable energy projects waiting in queues to be
connected to the grid.
As electrification increases across all industries, renewable
energy supply and efficient grid operations are essential to meet
growing demand. Renewable energy power plants, Distributed Energy
Resources (DERs) and batteries are booming, but until now the
industry lacked the technology to manage them at scale.
Splight has developed new AI-based technology for advanced grid
operations that tackles congestion using inverter-based resources
(IBRs) as a source of reliability. It significantly reduces
curtailment and accelerates the connection of utility-scale
renewable power plants and the deployment of DERs and batteries.
Its technology takes a novel approach, using real-time data and
algorithms to use IBRs as grid-friendly assets.
By using Splight technology to tackle contingencies in
real-time, up to 2x extra transmission capacity is unlocked,
enabling terawatts of clean energy to be injected into the grid
while simultaneously adding reliability. The no-tradeoff solution
is transformative for grid operations: Splight's tech is the key to
prevent clean energy being wasted and facilitate the deployment and
connection of renewable energy, DERs, and batteries at the pace
needed and with the existing transmission infrastructure.
"Our technology is proven and commercially viable: we are
solving grid congestion while adding reliability. It can be
deployed fast enough to inject more than 3,000 GWs of clean
energy within months. This round is a huge vote of confidence and
will be used to expand our business globally," said Fernando
Llaver, CEO of Splight.
Thomas Vadora, CTO of Splight, said: "This investment is a
significant milestone on our journey and will accelerate our
growth, enhance our product offerings, and deliver huge value to
our customers."
The funding round attracted diverse investors, including climate
tech and energy specialized venture capital firms, industry
leaders, and university endowments. The investors have a global
footprint covering the UK, the US, Portugal, Spain, Brazil, Chile, Mexico
and Argentina.
Kia Nejad, Investor at noa, said:
"Energy curtailment is perhaps the most pressing issue for the
transition to a sustainable energy system. Splight's technology is
a far more practical approach for modernizing the energy grid to
meet current demands. We are excited to support Splight as they
lead the implementation of scalable grid software, with an
established presence amongst industry-leading customers in
Europe, the US, and Latin America."
About Splight
Splight is a pioneering AI startup that addresses the global,
multi-generational challenge of clean energy at scale. It takes a
fresh approach, using real-time data and AI algorithms to bridge
the gap between technology and energy. It unlocks millions of
terawatts of clean energy trapped by how energy grids are
operated.
Splight adds a real-time operational layer and increases
reliability to the grid. This new layer of reliability based on
flexibility enables unleashing up to 2x of transmission capacity,
massive adoption of EVs and DERs, making the most out of the use of
batteries and reaching net zero electrical grids years ahead of any
other alternative.
This new approach solves the grid's biggest problems faster and
more efficiently than any other solution available today.
Splight was founded by Thomas Vadora, Fernando Llaver, and
Carlos Caldart. Their backgrounds
span computer science, electrical engineering and deep experience
in the energy industry, culminating in the vision to revolutionize
energy and sustainability through technology.
For more information, visit www.splight-ai.com.
About noa
noa (formerly A/O) is Europe's
largest built world venture capital firm and partners with the most
talented founders, engineers, executives and thought leaders on
revolutionary, category-leading investments to drive disruption in
real estate and positively impact the entire built world ecosystem
and beyond.
Launched in 2019 as A/O, noa closed its first evergreen vehicle
with €250m, backed by some of the largest and most forward-thinking
real estate owners, operators and family offices in Europe who share noa's vision and commitment
to improving quality of life, accelerating sustainable living, and
enabling decarbonisation of the largest asset class in the
world.
For more information, visit www.noavc.com.
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SOURCE Splight