Smart Wires, a Union City, Calif.-based global provider of modular power flow control solutions for electric utilities and grid operators, raised $75m in growth equity financing.
The round was led by Lime Rock New Energy. Lime Rock New Energy representatives will join the board of the company alongside representatives from existing investor 3×5 Partners.
The company intends to use the funds to deploy its SmartValve™ solutions globally in 2020.
Led by Gregg Rotenberg, CEO, Smart Wires provides power flow control devices that allow utilities to increase the efficiency and resilience of the power grid infrastructure and unlock large amounts of underutilized transmission capacity that exists on their systems today.
This means they can reduce congestion to save customers money and deliver clean, renewable energy to end users.