# Spear Power Systems

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/spear-power-systems

- Industry: Electronics
- Headquarters: Grandview, US
- Website: www.spearpowersystems.com
- Total disclosed funding: $15M
- Latest round: Series B (Sep 19, 2019)
- Investors on record: 9

## About

Based in the US, Spear Power Systems LLC specializes in advanced energy solutions by designing and manufacturing high-performance battery systems and energy storage products for various applications.Founded in 2013 in Grandview, US, Spear Power Systems LLC focuses on providing innovative energy storage solutions. The company has secured a total of USD 14.56 mn in funding, with its latest round being Venture Debt of USD 3.00 mn in August 2021. The firm has completed 4 deals to date, with the most recent deal occurring on 23 August 2021. The company was co-founded by Joon Kim and Mitch Mabrey, and is currently led by CEO Jeff Kostos.Spear Power Systems specializes in advanced energy solutions, focusing on the design and manufacturing of battery systems and energy storage products. Their core offerings include high-performance lithium-ion battery packs, engineered to provide efficient energy management for various applications, particularly in the marine, commercial, and industrial sectors. These products address challenges related to energy reliability, sustainability, and operational efficiency for end users such as boat manufacturers, commercial fleet operators, and renewable energy facilities, catering to global markets in North America and Europe.The revenue model for Spear Power Systems revolves around direct sales and partnerships within the energy sector. Transactions typically involve B2B arrangements with manufacturers and commercial enterprises requiring sophisticated energy storage systems. Their pricing structures generally reflect the complexity and customization of their battery solutions, ensuring that clients receive tailored support. Through these structured engagements, Spear Power Systems secures revenue and fosters long-term relationships with its clientele.In November 2021, Spear Power Systems was acquired by Sensata Technologies, Inc., aiming to expand Sensata's electrification portfolio into new clean energy markets. This acquisition is expected to enhance their growth strategies, including the development of upcoming new products designed to meet the increasing demand for energy storage solutions. Specific plans may involve expanding into new geographic regions, targeting markets in Asia and South America by 2025, leveraging resources from the recent Venture Debt funding to support product innovations and market entry strategies.

## Funding rounds

- Series B, Sep 19, 2019, $15M — Chevron Technology Ventures, Emerald Technology Ventures, ABB Technology Ventures, Energy Innovation Capital, KCRise Fund, Evergy Ventures, Nabtesco Technology Ventures, Foley Industries, Inc., DEMETREE INVESTORS, LLC

## Investors

- Chevron Technology Ventures (https://capitalatlas.ai/funds/chevron-technology-ventures) — Series B
- Emerald Technology Ventures (https://capitalatlas.ai/funds/emerald-technology-ventures) — Series B
- ABB Technology Ventures (https://capitalatlas.ai/funds/abb-technology-ventures) — Series B
- Energy Innovation Capital (https://capitalatlas.ai/funds/energy-innovation-capital) — Series B
- KCRise Fund (https://capitalatlas.ai/funds/kcrise-fund) — Series B
- Evergy Ventures (https://capitalatlas.ai/funds/evergy-ventures) — Series B
- Nabtesco Technology Ventures (https://capitalatlas.ai/funds/nabtesco-technology-ventures) — Series B
- Foley Industries, Inc. — Series B
- DEMETREE INVESTORS, LLC — Series B