A Grandview-based leader in battery technology is building a charge for expansion as Spear Power Systems announced this week an eight-figure funding round with world-spanning reach and headline-grabbing international investors.
“We are pleased with the quality and synergy of the syndicate,” said Jeff Kostos, president and CEO of Spear. “This investment enables Spear to scale our production capacity and global presence, enhance R&D in our technology-leading energy storage solutions, and better serve fast growing marine, industrial e-mobility and defense applications.”
Exact financial details of the round were not publicly disclosed, though the investment led by Emerald Technology Ventures also featured significant participation from Energy Innovation Capital, Chevron Technology Ventures, Nabtesco Technology Ventures, and Foley Industries.
Kansas City backers in the newly announced deal — which account for 46 percent of Spear’s total funding to date — now include Evergy Ventures and Demetree Investors (both existing investors), as well as KCRise Fund, which closed out its KCRise Fund I portfolio with its investment. (Click here to read about KCRise Fund II.)
Evergy Ventures was an early investor in Spear — which designs and manufactures safe, high performance energy storage systems for clients with demanding marine, industrial, and defense applications — and has supported the company’s growth since 2015, said Dennis Odell, vice president of Evergy Ventures, formerly known as GXP Investments.
“[Spear Power Systems] has a proven management team that led the company from its early startup phase through the commercialization of innovative products and we are excited to support them through the next stage of scaling the business globally,” Odell said.
Spear takes a chemistry agnostic approach toward 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, according to the company. Products are sold under the Trident (marine), Pike (industrial motive), and Spear (defense) brands.
“Spear enables the highest levels of safety, reliability, and performance in mission critical power systems, and we are pleased to support continued rapid growth,” said Ben Abadi, a managing director at Energy Innovation Capital.