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Jul 01, 2023

SPAN continues to net serious funding for its home electrification tech

Span.IO — creator of the SPAN smart electrical panel and SPAN Drive smart EV charger — closed another big funding rounding last week. The company plans to keep developing its Home suite of energy

Span.IO — creator of the SPAN smart electrical panel and SPAN Drive smart EV charger — closed another big funding rounding last week. The company plans to keep developing its Home suite of energy products and be a leader in the electrified home revolution.

SPAN’s Series B funding round of $90 million Series brings the company’s total funding to date to $134 million and was led by Fifth Wall Climate Tech and Wellington Management. SPAN’s recent funding round includes a diverse group of global investors and strategic partners across residential renewables, consumer financing, and homebuilding. It includes names such as Angeleno Group, Robert Downey Jr.’s FootPrint Coalition, Van Jones’ Obsidian Investment Partners, A/O PropTech, and all of the existing board investors.

“SPAN is uniquely positioned at the beginning of a massive growth category in residential electrification,” says Fifth Wall Partner and co-lead of the Climate Tech Investment team Greg Smithies. “As we identify companies to help the global real estate industry decarbonize, investing in SPAN is a natural fit for Fifth Wall Climate Tech and our partners.”

Remember that SPAN is led by a team of former executives and engineers from Tesla, Sunrun, and Amazon, which holds some cache with investors beyond the technology.

“Electrification is critical for addressing climate change, but the increased demand on a home’s electrical supply can require expensive upgrades,” says Greg Wasserman, Head of Climate Innovation Investing at Wellington Management. “We’re excited about the potential for SPAN’s products to allow better utilization of existing electrical systems while also adding valuable functionality like circuit-level monitoring and control, and we look forward to partnering with SPAN.”

SPAN is also adding to its senior leadership team with the recent additions of Ryan Harris joining as Chief Revenue Officer, and Laks Venkatesan joining as SVP of Finance. Harris, formerly SVP of Sales and Marketing at Sunrun, and Venkatesan, formerly VP of Finance at Mosaic, bring experienced leadership to SPAN ahead of this next phase of commercial growth.

We all know the SPAN panel at this point, but SPAN recently announced SPAN Drive, the company’s new Level 2 electric vehicle charger.

“EV’s are the first step toward electrification for many homeowners, so an EV charging solution was a logical next step for SPAN,” says Rao. “Our solutions are designed to leverage the intelligence and capability of our SPAN smart panel, which enables a superior consumer experience and reduces the need for complex home upgrades. SPAN Drive will deliver adaptive charging and allow customers to power up their cars directly with clean, solar energy.”

Yes, this will mean bi-directional charging and vehicle to grid possibilities. Read our feature on the future of this market and how it will drive solar PV installations right here.

Since SPAN began shipping its first panels in the summer of 2020, the Company has seen an “exponential increase” in installations and adoption rates across the country.

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