Kevala Announces $21 Million Series A Funding Round to Accelerate Decarbonization & Improve Security of US Electric Grid

PRESS RELEASE

SAN FRANCISCO, Aug. 31, 2021 /PRNewswire/ -- Kevala Inc., a nationwide leader in energy data and analytics, today announced $21 million in Series A funding. The round was led by C5 Impact Partners LP (C5 Capital's fund focused on data-driven technologies transforming critical infrastructure) and Thin Line Capital. Additional investors in the Series A round include senior energy sector executives Tom Werner, current Chairman and former CEO of Sunpower Corp., and Mark Ferron, former California Public Utilities Commissioner.

"Kevala has first mover advantage in providing comprehensive big data analytics on grid infrastructure," said Zulfe Ali, Managing Partner at C5 Capital. "We're incredibly excited to partner with the company as it expands into new markets such as cybersecurity and national security, as well as new geographies outside of the United States. We believe Kevala's platform provides critical solutions to the many stakeholders across the global energy landscape."

Founded in 2014, Kevala empowers a diverse range of energy industry stakeholders to make smarter decisions involving sustainability, resiliency, and cybersecurity. The company has developed the industry's most comprehensive and interactive cloud-based grid analytics toolbox – the Kevala Assessor Platform – powered by public utility data as well as proprietary data. Leveraging artificial intelligence on this sweeping dataset, the platform is uniquely positioned to help grid operators predict and plan for extreme weather events, renewable energy adoption, and increasing demand from vehicle, building and industry electrification.

"With this significant support and partnership from C5 and others, we can dramatically increase the deployment of our grid analytics tools to help secure America's infrastructure and radically decarbonize our economy at an ever- accelerating pace," said Aram Shumavon, Kevala Founder and CEO. "Kevala's solutions provide real-time, actionable data and clear roadmaps for utilities, developers, and regulators, delivering immediate value across the entire market. Our company intends to utilize this substantial new growth capital to expand operations across the United States, commercialize new grid analytics products and begin launching our offerings around the globe."

The Assessor platform allows clients to process grid data, map carbon intensity of different energy sources, identify new locations for solar farms and electric vehicle charging stations, assess vulnerabilities in critical public infrastructure, pinpoint opportunities to sustainably improve clean energy access in underserved communities, and more, all with a high degree of granularity.

"With the proliferation of grid-connected solar, storage, and a range of other distributed energy resources, America's energy infrastructure is rapidly evolving," explained Tom Werner, Kevala adviser and investor. "As the landscape grows more complex, Kevala's tools are increasingly critical for a range of companies across the energy sector managing resources both on-site and off-site."

Kevala's leadership has unique insights into the industry that have been honed through decades of helping regulators and utilities solve critical issues. The team combines specific expertise in advanced data analytics and artificial intelligence with unique industry experience across utilities, regulators, and power-systems engineering organizations. Senior leaders hail from organizations as diverse as the California Public Utility Commission, ABB Network Management, Silver Spring Networks, Schneider Electric, the US Federal Energy Regulatory Commission and many other public institutions and private companies.

About Kevala: Kevala's mission is to provide an objective understanding of the production, delivery, and consumption of energy in support of the radical decarbonization of the global economy. With Kevala, all market participants can access accurate, unbiased, and actionable insights that enable faster and better decision making, ensuring the most sustainable, efficient, and equitable energy transition. For more information, visit www.kevala.com.

SOURCE Kevala