Live Power raised $2m in a growth series to continue expanding its proprietary sensor network of the power grid. The round was led by LPI Holdings and Yes Energy including both new and existing investors. LPI Holdings represents a group of investors backing the founder, Pal Even Gaarder.
Live Power operates a proprietary sensor network monitoring the U.S. power grid to support trading of wholesale electric power. The company will use these funds to complete its sensor network buildout in the MISO (Midcontinent Independent System Operator) power market as well as expand its team of engineers, analysts and field technicians.
Until recently market participants had only one choice for real-time grid information. Live Power brings a new generation of technology, delivering data on power plant generation and transmission constraints at 1 minute intervals.
”We are thrilled to continue our rollout beyond PJM and ERCOT with these funds to meet our growing customer expectations,” said Townsend, Live Power's CEO.
About Live Power:
Live Power headquartered in Boulder, Colorado currently operates a network of 100s of sensors that spans 18 states and 2 regional markets (PJM and ERCOT). The data is sold to utilities, generators and financial institutions that buy and sell electric power in the wholesale market. These customers use the data to manage their positions in this very volatile commodity market.
Live Power was founded by Pal Even Gaarder, a Norwegian physicist, who came to the U.S. in 2014 after building a similar grid sensing network in Scandinavia. The current CEO, Bill Townsend, has over 20 years of experience in building commodity trading data and applications.