Smart Wires Raises $65 Million in Growth Capital to Unlock Electric Grid Capacity with Backing from BP Energy Partners
Smart Wires today announced it has raised $65 million to propel its growth and meet rising energy needs exacerbated by the appetite for electricity from data centers and the rise of artificial intelligence (AI). The funding includes new investments from BP Energy Partners alongside significant contributions from Keystone Group.
Smart Wires' grid-enhancing technologies (GETs), such as the SmartValve ™ advanced power flow control (APFC) device, give utilities the flexibility to manage capacity and load issues and have already helped utilities gain nearly 4 GW of firm capacity from their existing networks. SmartValve can be rapidly deployed, adjusted, or relocated as needed to adapt to changing system demands and accommodate new power generation sources. These advancements are essential for meeting the growing global energy demand in a cost-effective and sustainable manner.
'The urgent need for solutions that create more energy capacity has never been clearer, and every day we see validation of the transformative work our team is doing through real gigawatts unlocked,' said Joanna Lohkamp, CEO of Smart Wires. 'With this additional funding—and our strong partnership with BP Energy Partners and Keystone Group—we'll be able to accelerate our work with customers worldwide and drive further technological innovation.'
Leading utilities across the Americas, Europe, and the APAC region partner with Smart Wires to address critical grid challenges, with hundreds of power flow control devices deployed across four continents. Recent deployments include projects with Central Hudson Gas & Electric, National Grid Electricity Transmission, and ISA TRANSELCA. The company is also working on upcoming projects with Southern Company and Georgia Tech, Avista Utilities and Idaho Power, ISA ENERGIA BRASIL, and many other utilities.
'Smart Wires' solutions increase existing grid capacity and reliability in a way that addresses growing energy needs,' said Ramon Betolaza, managing director of BP Energy Partners. 'We believe the company will be a critical player in the global energy transition, as its solutions offer the fastest way to tackle increasing electricity demand. This is why the company is seeing such strong traction in the market.'
Smart Wires will use this financing to further scale its commercial operations in 2025 and beyond to address the growing market opportunity. For example, a recent Goldman Sachs Research found that data center power demand will grow 160% by 2030.
'With the global energy landscape undergoing rapid transformation, now is the time to capitalize on rising market demand,' said Christopher Bass, principal, Keystone Group. 'Smart Wires has the most impactful solutions and the best team in place to seize this opportunity and drive substantial growth in the coming years. The company's solutions, which are not dependent on grid circumstances or weather, ensure that utilities have the ultimate flexibility to reliably address congestion issues at any time.'
Smart Wires' grid-enhancing technologies and services provide the fastest and most cost-efficient path to meet increasing electricity demand. To learn more, visit smartwires.com.
About Smart Wires
Smart Wires is a leading grid enhancing technology and services provider. We help electric utilities unlock capacity and solve their critical grid issues, using our solutions to create a more flexible, reliable and affordable grid. This enables a faster, more cost-efficient path to meet growing electricity demand with clean energy generation, at lowest cost to consumers. Headquartered in the Research Triangle of North Carolina, Smart Wires has a global workforce of passionate and visionary industry-leading experts across four continents, who work every day to transform grids globally. In collaboration with our customers and partners, we've unlocked nearly 4 gigawatts (GW) capacity—enough to power over 2.5 million homes—supporting the faster integration of clean energy and new demand, enhancing security of supply and delivering cost savings to consumers.
SOURCE: Smart Wires
PUB: 01/29/2025 09:00 AM/DISC: 01/29/2025 09:01 AM
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