Breakthrough Energy Ventures, National Grid Partners and NextEra Energy Arm Invest in TS Conductor
TS Conductor Corp., announced that Breakthrough Energy Ventures, National Grid Partners and a subsidiary of NextEra Energy have joined Talkot and Hervé Touati in its oversubscribed Series A financing, for a total $25 million in funding.
November 17, 2021. By News Bureau
The new capital will be used to build the company’s first state of the art manufacturing plant in the United States.
“We are thrilled to have Breakthrough Energy Ventures, National Grid Partners and a subsidiary of NextEra Energy investing in TS Conductor. Our mission is to make electricity networks greener. TS achieves that through a combination of energy efficiency and faster and cheaper renewable integration,” said Dr. Jason Huang, CEO at TS Conductor Corp.
While the electricity generation segment of the energy industry has progressed to cleaner and more efficient solutions, the overhead conductor technology used by transmission and distribution grid operators has not materially changed since the emergence of Aluminum Core Steel Reinforced (ACSR) cables in 1908. ACSR still today represents over 95 percent of the utility cables deployed across the world.
According to Market Study Report, LLC, the global wires and cables market was estimated to represent $183 billion of sales in 2020, with an annual compounded growth rate anticipated to exceed 4 percent until 2028.
Global investment in the power sector reached $780 billion in 2020 and was largely dominated by renewable power (48 percent) and electricity networks (32 percent) investments, according to the International Energy Agency (IEA). While considerable, the IEA notes that current levels of renewable energy and energy efficiency investments still fall short of what is needed to maintain global temperatures well below a 2 ºC rise.
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