July 24th, 2024 07:00:00 am
Splight Inc. secures $12M in seed funding to tackle the energy industry's biggest problem: energy curtailment
San Francisco, CA, United States, 24 July 2024
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congestion, also known as grid bottlenecks, is a shortage of transmission capacity caused by the grid’s reliance on outdated contingency management methods that leave up to half of grid transmission capacity unutilized.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 3,000GWs 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."
Media Contact
Thomas Vadora
CTO
thomas.vadora@splight-ae.com
1 (302) 522 6423
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.
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 decarbonization of the largest asset class in the world.
For more information, visit www.noavc.com.
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