It could be a decade until you have digital electricity in your home, but the new technology is here and already at work in some of the largest stadiums in the country. The tech, dubbed Fault Managed Power (FMP), sends electricity in small pulses or “packets” that are individually checked for safety and embedded with data.
FMP has been in the works at VoltServer in East Greenwich since the company was founded in 2013.
FMP is in use in more than 1,000 large offices, large indoor grow houses and event stadiums across the country, according to Luke Getto, VoltServer’s director of product management and marketing. Getto said moving forward, FMP tech will be regulated as a Class 4 wiring practice, due to its ability to limit shock and the risk of fire.
FMP, which allows for hundreds of volts and thousands of watts to be distributed in a format not harmful to human touch, was recently adopted into the 2023 National Electric Code, signaling broader industry adoption within the multi-hundred-billion-dollar power distribution market.
Founded by Steve Eaves, the company has developed technology that will update the way electricity powers everything in our lives. In 2019, VoltServer garnered the attention of Sidewalk Labs which led a $7.4 million raise.
Now, the company is celebrating another enormous raise, to the tune of $17.5 million, which brings its total funding to $40 million. The Series B raise was led by Marker Hill Capital and Constellation Technology Ventures, followed by the Southwire Company, RightHill Ventures, and Clean Energy Venture Group. In a statement, Eaves welcomed new investors Constellation Technology Ventures and the Southwire Co., a maker of wire and cable used in the transmission and distribution of electricity.
Eaves said the new influx of money will be used to hire new talent and expand the company’s product line into communication, smart buildings, indoor agriculture and EV charging.
“The adoption of Class 4 is a double-edged sword for us,” Getto said. “One on hand it will open up the market to competitors but it will also allow for broader adoption of the technology. It’s safer and more efficient than traditional electricity wiring, so it’s perfect for indoor agriculture and large projects. Since the systems include extensive monitoring and control software, the possibilities are endless.”
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