Big Round for Spear Power Systems
Spear Power Systems filed paperwork with the SEC and announced that it had raised a round of outside capital this week. In its Form D filing, the company identified that it had raised more than $14.5 million dollars in an external financing round. Spear Power Systems designs and manufactures lithium ion battery storage systems for…
Spear Power Systems filed paperwork with the SEC and announced that it had raised a round of outside capital this week. In its Form D filing, the company identified that it had raised more than $14.5 million dollars in an external financing round.
Spear Power Systems designs and manufactures lithium ion battery storage systems for industrial applications across multiple industries, including defense, marine propulsion, oil & gas, and mining. The company prides itself on its electrochemistry agnostic approach. And honestly, this is just something we need to say more often on Silicon Prairie News. There is nothing we hate more than when companies pick sides on their electrochemistry.
The company announced that their fundraising event took place last week and is intended to help expand the firm’s overall footprint. As Jeff Kostos, President and CEO of Spear stated: “This investment enables Spear to scale our production capacity and global presence, enhance R&D in our technology-leading energy storage solutions, and better serve fast-growing marine, industrial e-mobility, and defense applications.” The company sells its products under multiple brand names including Trident (marine) and Pike (industrial).
The round was led by Emerald Technology Ventures. According to Pitchbook, Emerald Technology Ventures is a Swiss based investment firm that has made around twenty investments, four of which preceded Spear in 2019. Gina Domanig, Managing Partner of Emerald Technology ventures, was excited about the deal and about Spear. “Spear’s products offer truly differentiating value to their customers in the form of more energy or power per unit of weight for mobile applications, while achieving the highest levels of safety, and we are excited to support the management team’s growth plans.” Ms. Domanig is known for starting Emerald as the first independent clean energy venture investment firm in Europe.
The round included seven other investment firms – including Kansas City based Evergy Ventures (whose parent organization is also the parent of KCP&L, the local electricity provider), Demetree Technology (a KC based family office), the KC Rise Fund (a local early stage company), and Foley Industries (which owns a variety of CAT dealerships in the KC region. These local investors had strong company beyond Emerald – Energy Innovation Capital, Nabtesco Technology Ventures and Chevron Technology Ventures.
Spear Power Systems was founded in 2014 by experienced clean-tech entrepreneurs – Jeff Kostos (President and CEO) and Dr. Joon Kim (CTO). The company has seen significant growth since its early inception – including
The company is based in Grandview, Missouri which is a southeastern suburb of Kansas City. This is another significant fundraising event for the KC Metro area – marking 2019 as a banner year for the region. The region has now raised just shy of $400 million for calendar year 2019 – far outstripping previous years.
For more information about the company, check out their website at www.spearpowersystems.com.
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