GRANDVIEW, Mo., Feb. 4, 2020 /PRNewswire/ -- Spear Power
Systems, Inc. (Spear) added ABB Technology Ventures
to its global syndicate of advanced energy investors to fund
expansion of the battery maker's global footprint, production
capacity, and continued research and development. The round
was led by Emerald Technology Ventures with significant
participation from Energy Innovation Capital, Chevron Technology
Ventures, Nabtesco Technology Ventures, KCRise Fund, and Foley
Industries along with existing investors Evergy Ventures and
"We are pleased to add ABB Technology Ventures to what was
already a highly regarded syndicate," said Jeff Kostos, President and CEO of Spear.
"ABB's investment will contribute towards the scale up of our
production capacity, the growth of our global footprint, and the
continued advancement of our technology-leading energy storage
solutions in order to better serve fast growing marine, industrial
e-mobility and defense applications." Spear sells its
solutions under their Trident® (marine), Pike™ (industrial motive),
and Spear® (defense) brands.
Malin Carlstrom, Senior Vice
President of ABB Technology Ventures, noted "We invested in Spear
due to its safe and innovative energy storage solutions.
Spear's volumetrically efficient products help accelerate the
transformation of our global infrastructure to something that is
more efficient & more sustainable."
About Spear Power Systems, Inc. (Spear): Founded in
2014 by experienced energy storage entrepreneurs Jeff Kostos, President & CEO, and Dr.
Joon Kim, CTO, Spear designs and
manufactures safe, high performance energy storage systems (ESS)
for clients with some of the world's most demanding marine,
industrial, and defense applications. Spear takes a chemistry
agnostic approach towards integrating its in-house designed,
scalable electronics, software, and mechanical systems with the
most application-appropriate chemistry in order to maximize the
value for its clients. For more information, visit
About ABB Technology Ventures:
ABB Technology Ventures (ATV) is the venture capital unit of ABB
(NYSE: ABB). ATV partners with and invests in breakthrough
technology companies aligned with ABB's goal to write the future of
industrial digitalization. Since its formation in 2009, ATV has
deployed more than $200 million into
startups spanning a range of sectors including robotics, industrial
IoT, AI/machine learning, cybersecurity, electric mobility, smart
buildings and distributed energy. Learn more
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SOURCE Spear Power Systems, Inc.