Startup Atom Power lands ABB Technology Ventures as investor in new $17.8M roundDate Published:
CHARLOTTE – Atom Power, the startup that’s developing digital solutions and equipment for power systems, has landed international power technology firm ABB Technology as part of a new $17.75 million round of financing.
Atom disclosed the funding first in an SEC filing then publicly announced the capital infusion Friday morning.
ABB Technology, which has its US headquarters in Cary and has operations across the state, was joined in the Series B round by Rockwell Automation, Valor Equity Partners and Atreides Management. To date the company says it now has raised $23 million from investors.
“The latest funding will equip Atom Power to develop the next generation digital circuit breaker, scale its intelligent power management platform, and address the world’s most pressing power distribution challenges, like integrating renewables into the grid, building more efficient data centers, and supporting other sustainable energy initiatives,” the company said.
Atom also plans to focus on electric vehicle charging infrastructure.
“Modern life is increasingly digital, yet the electrical infrastructure powering our buildings has remained decidedly analog. This poses huge challenges for supporting a smooth transition to electrification, renewable energy, and electric vehicles,” said Ryan Kennedy, CEO of Atom Power, in the funding announcement.
“We need technology that gives us digital control over when and how we use power. Last year, we made huge strides when we introduced the first solid-state circuit breaker to market, and we’re thrilled to continue building a future where energy is faster, safer, and more reliable than ever.”
Atom was early on landed investment backing from international giant Siemens.
The company was founded in 2014 for the purpose of revolutionizing commercial and industrial power distribution through the development of solid-state switching technology.
It has since developed the first commercially viable solid-state circuit breaker.
Earlier this year, Atom received two patents. Its first patent came in May 2019.
Atom is the “first company to use Wide Band Gap (WBG) semiconductors in commercially available solid state circuit breakers, and the only company to manufacture SiC semiconductor modules specifically for use in circuit protection,” the company says.
“The vision is to completely transform power distribution to meet our modern energy needs, and to reach a future where energy is fast, safe and intelligently controlled for the first time,” said Ryan Kennedy, CEO of Atom Power, when the latest patents were announced. “The Generation 2 circuit breaker marks a new milestone in fulfilling that vision and making intelligent power more accessible and attainable to more people.”
Atom Power’s intelligent product suite includes its digital circuit breakers (Atom Switch), distribution panels (Atom Panel) and software (Atom OS), which together form the fastest power distribution system in existence. With circuit interruption capabilities up to 150,000-amps, a single Atom Switch replaces the need for more than 100 products used in commercial power today and mitigates explosions from electrical faults like never before.
Original Article Source: WRAL TechWire