Fat Spaniel Technologies, Inc., a provider of monitoring and reporting services for renewable energy systems, closed $18 million in Series B financing this week. The investment round was led by Ignition Partners, with follow-on investment from Element Partners and
Chrysalix Energy. PCG Clean Energy & Technology Fund and Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., also participated in the round.
"Fat Spaniel’s services are fundamental to the sustained growth of the renewable energy marketplace. Third party project financing is a key driver of the industry, and remote management services are essential in order to realize a higher return on investment combined with a lower level of risk," said John Ludwig, founding partner of Ignition Partners. "I’m confident that Fat Spaniel has the team and the technology to continue along its impressive growth trajectory."
With more than 1,000 installations already deployed in 12 countries worldwide, Fat Spaniel will use this round of funding to expand sales and marketing efforts to European and other international markets, the company says.
"As Applied Materials continues to expand its presence in the clean energy market, we’re examining ways that renewables can be most effectively monetized to accelerate adoption of clean energy" said J. Christopher Moran, vice president and general manager of Applied Ventures. "Fat Spaniel’s technology allows system owners, power purchase agreement service providers and financiers to increase the value of their solar installations by reducing risk, cutting operations and maintenance costs, and improving cash flows from energy generation and conservation, thereby delivering benefits across the entire solar industry."
John Ludwig will join Robert L. Puette, David F. Lincoln, Thomas J. Starrs, Mike Walkinshaw and Fat Spaniel President Chris Beekhuis on the Board of Directors.
About Fat Spaniel Technologies
Based in San Jose, Calif., Fat Spaniel Technologies, Inc. is a provider of monitoring and reporting services for distributed, renewable energy systems–enabling more efficient diagnostics and maintenance, more compelling visualization, and more usable revenue-grade data for billing, REC trading and performance-based incentives.
Fat Spaniel acts as an independent, third party monitoring service provider and delivers information that is used by system owners, system installers, PPA service providers, equipment manufacturers, project financing firms, renewable energy credit markets and energy utility regulatory agencies. The company specializes in renewable energy systems including grid-tied solar electric, solar water heating and wind. Fat Spaniel products are presently deployed in over 1000 locations across the United States and Canada as well as ten other countries.
About Ignition Partners
Ignition Partners, (www.ignitionpartners.com) is a premier private investment group with offices in Bellevue, Washington and Shanghai, China. Ignition Partners’ affiliated family of funds includes Ignition Ventures and Ignition Growth Capital in the U.S. and Qiming Ventures in China. The investment group’s three categories of funds–early stage venture, growth capital and China ventures–brings together a combination of domain focus, functional expertise and global operational experience with partners from leadership positions at Microsoft, McCaw Cellular Communications, AT&T Wireless, Cisco, Starbucks and other industry leaders.
About PCG Clean Energy and Technology Fund
The PCG Clean Energy and Technology Fund is a co-mingled fund of funds and co-investment vehicle dedicated to investing across the spectrum of the global clean energy and technology value chain. The fund is managed by a dedicated CleanTech investment team within PCG Asset Management, which oversees more than $15 billion of private equity commitments through a combination of fund-of-funds, separate accounts and advisory relationships and is based in La Jolla, California.
About Applied Ventures
Applied Ventures, LLC, a subsidiary of Applied Materials, Inc., invests in early stage companies with high growth potential pursuing technologies that are complementary to Applied Materials’ core business and can stimulate the growth of applications for semiconductors, flat panel displays and related products and services. Applied Materials, Inc. is the global leader in Nanomanufacturing TechnologyTM solutions with a broad portfolio of innovative equipment, service and software products for the fabrication of semiconductor chips, flat panel displays, solar photovoltaic cells, flexible electronics and energy efficient glass (http://www.appliedmaterials.com).
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