SparkMeter
- LocationMultiple
- SectorEnergy
- Type of investmentDebt
- Project stageTest & Transition
A $600k loan to fund research and development and business development to establish and deploy a full suite of certified smart metering technologies for microgrids and central grid utilities in emerging markets.
The development problem.
Over a billion people lack access to any form of electricity. An additional billion people who are nominally connected to grids experience frequent power outages and unreliable service, especially for those based in more rural, remote communities. Lack of access and unreliable access leads to the continued use of unsafe alternatives such as kerosene, and barriers to broader economic growth.
The innovation.
SparkMeter sells a proprietary smart metering technology and associated software and services to central grid utilities and microgrids to enable real-time monitoring of grid systems, pay-as-you-go electricity usage, and load control to prevent grid outages. SparkMeter is based in the United States but has connected thousands of customers in Africa, Asia and Latin America.
GIF’s investment.
GIF’s $600k loan will help SparkMeter establish a full suite of certified meters that can scale to both microgrids and central grid utilities. For this phase of growth, the focus of the financing will be primarily for R&D and business development for several large utility grids, with a target of selling 50,000 meters by end-2017.
Investment objective(s).
Deliver reliable electricity for end-users, particularly low income consumers, improve utility cost-recovery, demonstrate demand for the product by central grid utilities.
Why we invested
Important development problem – 1bn lack formal access to electricity, and 1bn have nominal grid access but lack reliable electricity
Promising commercial traction with mini grids and potential for scale impact by proving out that the technology works for large central grid utilities
Rich data collection from SparkMeter’s technology will enable sector learnings
Strong team – deep experience in energy, electrical engineering and cloud software
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