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With Backing from New Strategic Partner Honeywell Smart Energy, SparkMeter is Digitizing Grids to Advance the Energy Transition for Utilities in the US and Worldwide
Thursday, December 7, 2023
Honeywell Smart Energy becomes the latest strategic investor in and global partner of SparkMeter, as it plans to migrate SparkMeter's approach from emerging markets to the US, where it has a large installed base of utility customers
WASHINGTON, Nov. 29, 2023 /PRNewswire/ -- SparkMeter, a provider of grid management services, equipment, and software solutions that increase access to reliable electricity in underserved communities across Africa, Asia and the Americas, announced today a strategic $5 million investment and global partnership with Honeywell Smart Energy, one of the largest utility digital solution providers in the world. Under the partnership, Honeywell Smart Energy will provide its base of US utility customers with SparkMeter's integrated approach to cloud-based metering and operational analytics software and offer SparkMeter's metering hardware to large emerging market countries.
The partnership is timely as utilities globally are no longer satisfied with the "base case" of smart metering deployments, which only deliver simple automated meter reading and billing integration. All utilities, be it an investor-owned (IOU), electric co-op or municipal, now experience major financial and operational challenges that require real-time, accurate data from the grid edge - from their smart meters - to solve. After achieving success in emerging markets, SparkMeter has proven its capabilities to transcend the small microgrid market and up into the larger global utility market. It recently closed its first utility-scale contract with NECSOM in Somalia and expects to close two more contracts in Somalia and its first in the Philippines by year's end.
"As Honeywell Smart Energy continues to expand its digital capabilities, SparkMeter's innovative approach to smart grid technology is a good fit to access visibility into a utility's operational and financial performance," said Kinnera Angadi, Chief Technology Officer at Honeywell's Smart Energy and Thermal Solutions. "Their success in emerging markets complements our commitment to driving operational excellence and sustainability across the utility sector. This partnership aligns with our strategy to integrate cutting-edge technologies that enhance grid reliability and efficiency, propelling our service offerings into the next era of smart utility management."
SparkMeter's modern industrial IoT technology platform brings grids into the future, providing a first-of-its-kind end-to-end metering and operational analytics solution compatible with any Advanced Metering Infrastructure (AMI). With SparkMeter's technology and product offerings, utilities can circumvent electricity and revenue loss due to load management or payment challenges, and begin to plan for new grid dynamics such as DERs and EV chargers. SparkMeter is currently operating in more than 25 countries worldwide.
"Due to the lack of visibility into existing grid performance in many parts of the world, disadvantaged and rural areas often struggle with unreliable or inadequate electricity," said Dan Schnitzer, CEO of SparkMeter. "Our goal is to enable greater grid resilience by partnering with leaders like Honeywell Smart Energy to bring our plug-and-play grid management technology to address the needs of utilities in all markets."
About SparkMeter
Founded in 2013, SparkMeter provides grid-management solutions tailored to emerging markets, where 2.1 billion people live without reliable electricity access. Its simple plug-and-play solution enables microgrids and distribution utilities operating in remote locations to access a range of features - flexible billing, customer communications, and remote monitoring and control - that improve their operations and help them achieve financial sustainability.
Media Contact
Mission Control for SparkMeter
sparkmeter@missionc2.com
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SOURCE SparkMeter
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