Tesla Co-Founder and Spero Ventures Partner, Marc Tarpenning, Joins Board of Directors
NEW YORK, May 24, 2022--(BUSINESS WIRE)--Singularity Energy, the most intelligent grid decarbonization platform built on top of a transparent, traceable data layer by experts from Harvard, MIT, and Johns Hopkins, announced today the close of a $4.5 million Seed Round, led by Spero Ventures and Energy Impact Partners. The round also includes investments from existing investors; Third Sphere, J Ventures, and other individual investors. As part of the round, Marc Tarpening, Tesla co-founder and partner at Spero Ventures, will join the company’s board of directors.
Today, grid operators, utilities, and businesses have a limited understanding of their grid carbon emissions due to the lack of high-quality, time and location-based grid emissions data. Singularity’s mission is to change that by providing transparent and accurate data to grid operators, utilities, and businesses about their grid carbon emissions, while supplying them with actionable decarbonization insights and automated decision making via their platform. Singularity works with Harvard, Sense, Measurabl, Eversource, and several yet to be disclosed grid operators and utilities on decarbonization efforts.
Sense CEO Mike Philips said: "We used Singularity's intelligent decarbonization platform to demonstrate that automating EV charging can reduce carbon emissions by up to 14% nationwide and 43% in California. We chose Singularity for its high quality location and time-based emissions data, which play an important role in grid decarbonization. By combining smart home automation with carbon intensity data, we can accelerate emissions reduction in the residential sector as homes electrify."
"Blackstone estimates that the global decarbonization effort over the next three decades will require a massive $50 trillion investment," said Wenbo Shi, Singularity Founder and CEO. "We’re excited to have both Spero Ventures and Energy Impact Partners support to help us build the most transparent, complete, and intelligent grid decarbonization tools available to grid operators, utilities, and end users."
In addition to the Seed funding round, Singularity has received $1.2 million in grants from the National Science Foundation’s (NSF). The SBIR program aims to fund advanced research and development for cutting-edge scientific and engineering discoveries.
"Unlocking accurate and transparent data has been a critical catalyst for all sorts of innovation historically. Singularity is bringing the best quality carbon data & actionable intelligence to the market, and we are excited to see all the different ways their products get put to use by their broad set of customers. I believe Singularity will have a major impact on decarbonization efforts in the years to come and we are proud to back Wenbo and team," said Marc Tarpenning, Venture Partner at Spero Ventures.
"The path to the net-zero economy runs through the electric grid," said Sameer Reddy, Managing Partner at Energy Impact Partners. "Singularity’s platform provides unprecedented transparency and real-time carbon awareness to utilities, grid operators, and large enterprises across all sectors. With increasing scrutiny around emissions measurement, we believe this is an essential capability for the entire Fortune 1000 and beyond and are excited to be an early investor in the company’s journey."
Singularity expects to use these funds to expand their product and technology roadmap, improve customer success, develop partnerships with key stakeholders, and continue to attract top talent.
For more information about Singularity Energy, please visit https://singularity.energy/.
About Singularity Energy
Founded in 2018, Singularity Energy is the most intelligent grid decarbonization platform built by experienced power systems and software experts from Harvard, MIT, and Johns Hopkins. Singularity’s platform provides high-quality, time and location-based grid emissions data, and a suite of innovative products such as developer APIs, and intelligent tools for grid operators, utilities, companies, and service providers to build data-driven decarbonization solutions. Singularity Energy is a winner of the Harvard Physical Science & Engineering Accelerator, the Greentown Labs Bold Idea Challenge in partnership with Schneider Electric, the National Science Foundation Small Business Innovation Research Grant, and a URBAN-X company.
About Spero Ventures
Spero Ventures is an early-stage venture capital investor in the things that make life worth living. We invest in determined founders building mission-driven technology companies in three focus areas: wellbeing; sustainability; learning, work, and play. We are high-conviction investors with backgrounds as startup founders, operators, and investors from landmark companies including eBay and Tesla. For more information, please visit us at https://spero.vc/, on Twitter @SperoVentures or on LinkedIn at https://www.linkedin.com/company/speroventures/.
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $2.5 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of nearly 70 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
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