Home Electrification Innovator SPAN Raises $90 Million in Series B Funding Round to Accelerate Next Generation of EV Charging and Electrification Products
SAN FRANCISCO–(BUSINESS WIRE)–Span.IO, Inc.—creator of the SPAN smart electrical panel and SPAN Drive smart EV charger—today announced the closing of its $90 million Series B funding round, bringing the Company’s total funding to date to $134 million.
SPAN’s Series B funding round was led by Fifth Wall Climate Tech and Wellington Management. Other mission-aligned investors include Angeleno Group, Robert Downey Jr.’s FootPrint Coalition, Van Jones’ Obsidian Investment Partners, A/O PropTech, and all of the existing board investors. The Company will use the new funding to continue developing the SPAN Home suite of energy products and solutions to drive commercial growth and accelerate electrification of homes.
SPAN, an innovator in the home energy management space, is led by a seasoned team of executives and engineers from Tesla, Sunrun, and Amazon. With its flagship product the SPAN smart electrical panel, the Company recently celebrated wins for “Best Home Technology Product” and “Best Energy Efficient Product” at the NAHB International Builders’ Show® 2022 Best of IBS Awards. Fast Company also named SPAN one of their 2022 “World’s Most Innovative Companies.”
“We started with reinventing the electrical panel, as it is the core component to any scalable path to electrification of homes, but the consumer experience demands more,” says Arch Rao, CEO and founder of SPAN. “We’re excited to deploy this new capital to expand our product offerings that simplify the decarbonization of homes, and to continue developing the unparalleled approach to home energy management that SPAN is uniquely positioned to deliver.”
SPAN’s recent funding round includes a diverse group of global investors and strategic partners, representing market leaders in residential renewables, consumer financing, and homebuilding. “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.”
“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.”
The Company is developing electrification products and solutions that address the growing needs of homeowners, recently announcing 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. SPAN Drive, along with the SPAN Panel, create a strong foundation for future solutions, including bidirectional vehicle-to-home charging and helping the electrical grid to transition to cleaner, more stable energy sources,” confirms Rao.
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.
“SPAN’s potential to accelerate home electrification is unique,” says Harris. “Our early channel success with renewables developers, home builders, and utilities indicates the broad appeal of a product like the SPAN panel. With the recent launch of SPAN Drive, we’re excited to offer consumers more ways to understand and optimize their energy usage.”
“Our fundraising success puts SPAN at the forefront of home electrification,” adds Venkatesan. “We are now in a position to significantly accelerate R&D, manufacturing, and deployments as home electrification becomes mainstream.”
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. With panels now operating in over 36 states and in Puerto Rico, SPAN is set to become a market leader in home electrification.
About Span.IO, Inc.
SPAN reinvented the 100-year-old electrical panel to give homeowners circuit-level control for the first time over their residential energy usage.
The SPAN smart electric panel provides advanced levels of monitoring and intelligence that make electrifying and decarbonizing easier than ever. Purpose-built for functionality and durability, the SPAN Panel, Meter Panel, and SPAN Drive electric vehicle charger all allow for elegant, efficient and integrated solutions for any home.
Backed by leading investors in the clean energy space, SPAN aims to decarbonize every home by removing barriers to electrification while at the same time providing a holistic approach to managing increasing demands on household energy.
To learn more, visit www.span.io.