Key Takeaways
- • Switched Source, a Chicago-headquartered developer of grid-enhancing distribution automation technology, has secured over $17 million in funding to scale deployment of its flagship Phase-EQ product.
- • Cubit Capital led the round, with participation from ABB, Emerald Technology Ventures, Red Cedar Ventures, Southern States, Southwire Company, and other strategic investors.
- • The capital will expand Switched Source's manufacturing and production capacity to meet growing utility adoption and a broader pipeline of Phase-EQ deployments across North America.
- • The company is hiring manufacturing, quality, and supply chain roles at its Chicago headquarters while developing additional solutions for utility distribution systems.
Summary
Switched Source, a leading developer of grid-enhancing distribution automation technologies, has secured over $17 million in funding to scale deployment of its flagship technology, the Phase-EQ, according to the company's announcement. Cubit Capital led the round, with participation from ABB, Emerald Technology Ventures, Red Cedar Ventures, Southern States, Southwire Company, and other strategic investors.
The financing is aimed at addressing rising electricity demand faced by utilities. The company argues that unlocking additional capacity from existing distribution infrastructure can help meet growing load more quickly and cost-effectively than traditional system upgrades. The proceeds will expand Switched Source's manufacturing and production capacity to support growing utility adoption and a broader pipeline of Phase-EQ deployments across North America.
Switched Source is also adding manufacturing, quality, and supply chain roles at its Chicago headquarters and continuing development of additional solutions for utility distribution systems. The company describes its advanced power-flow control solutions as enabling electric utilities to increase reliability, unlock latent capacity, and support electrification without expensive infrastructure investments.
Since 2016, Switched Source has developed technology that optimizes power distribution, mitigates congestion, and strengthens grid flexibility. The company positions its products as a rapidly deployable alternative to traditional system upgrades.
The financing is aimed at addressing rising electricity demand faced by utilities. The company argues that unlocking additional capacity from existing distribution infrastructure can help meet growing load more quickly and cost-effectively than traditional system upgrades. The proceeds will expand Switched Source's manufacturing and production capacity to support growing utility adoption and a broader pipeline of Phase-EQ deployments across North America.
Switched Source is also adding manufacturing, quality, and supply chain roles at its Chicago headquarters and continuing development of additional solutions for utility distribution systems. The company describes its advanced power-flow control solutions as enabling electric utilities to increase reliability, unlock latent capacity, and support electrification without expensive infrastructure investments.
Since 2016, Switched Source has developed technology that optimizes power distribution, mitigates congestion, and strengthens grid flexibility. The company positions its products as a rapidly deployable alternative to traditional system upgrades.
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