Energy Industry Giant Siemens Invests in Solid-State Pioneer Atom Power
Atom Power, a company focused on solid-state power distribution technology, announced it has secured an equity investment from Siemens, a global technology powerhouse and one of the world's largest producers of energy-efficient, resource-saving technologies. The investment in Atom Power was done in partnership with next47, the independent innovation arm of Siemens.
Since its founding in 2014, Atom Power has successfully created one of the world's first commercially viable solid-state circuit breakers for the commercial and industrial building markets. The investment will accelerate Atom Power's initiatives towards achieving Underwriter's Laboratories (UL) listing and for development of higher amperage circuit breakers currently on their trajectory.
"This is a very exciting time in the world of power distribution. For decades, circuit breakers and panels have been mostly mechanical in nature with limited control points." said Ryan Kennedy, CEO of Atom Power. "Since our founding, we have developed circuit breakers that are not only dynamic and intelligent, but are also making electricity safe by preventing arc flash hazards. With this funding, we will take our circuit breaker products to UL, into the mainstream markets, and continue to develop products that save lives and make the world a better place."
"Throughout our over 170 year history, Siemens has been on the forefront of energy innovation and we continue to leverage partnerships and collaboration to move industries forward," said Terry Royer, Vice President of Operations and Product Development, Siemens Low Voltage and Products business. "Atom Power is on the leading edge of a fundamental change in the traditional circuit breaker and shows great promise toward enhanced energy awareness and faster reaction times in an increasingly complex energy landscape. We're excited to expand our investment in U.S. innovation and be a part of the transition to solid-state protection."
Siemens is dedicated to developing the safest, most reliable electrical distribution equipment in the industry and counts the Charlotte and North Carolina region as a major energy hub. The city is home to the company's Charlotte Energy Plant, the worldwide hub for 60 Hz power generating equipment and employs 1,700 people. North Carolina is also home to the company's U.S. transformer and transmission headquarters and an R&D site for Digital Grid technologies. Siemens is also a key transportation technology partner for Charlotte, having built the city's new light rail vehicles and recently chosen to manufacture new advanced technology streetcars out of its U.S. plant.
In just the past 15 years, Siemens has invested more than $35 billion in the US. Siemens employs more than 50,000 people, operates more than 60 manufacturing sites, exports more than $5 billion annually, invests more than $1 billion annually in R&D and more than $50 million annually in workforce training.
About Atom Power
Atom Power was founded in 2014 by Ryan Kennedy, Denis Kouroussis and Greg Crumpton with the initial goal of making a remote control circuit breaker. Since inception, they've gone way beyond this original dream and (to the best of their knowledge) have developed the fastest circuit breaker in the world and the first commercially viable solid-state circuit breaker. Currently they have developed both AC and DC versions of their solid-state circuit breaker which they call the 'Atom Switch'. Their focus has been primarily in the commercial and industrial building markets for their AC products and for energy storage and renewable distribution for their DC products.
Siemens Corporation is a U.S. subsidiary of Siemens AG, a global powerhouse focusing on the areas of electrification, automation and digitalization. One of the world's largest producers of energy-efficient, resource-saving technologies, Siemens is a leading supplier of systems for power generation and transmission as well as medical diagnosis. With approximately 351,000 employees in 190 countries, Siemens reported worldwide revenue of $88.1 billion in fiscal 2016. Siemens in the USA reported revenue of $23.7 billion, including $5.4 billion in exports, and employs approximately 50,000 people throughout all 50 states and Puerto Rico.
next47, launched in October 2016, seeks to partner with innovative minds and turn big ideas into viable businesses. The dynamic next47 team acts as a venture capitalist, advisor and catalyst into Siemens for external start-ups and creative entrepreneurs, including Siemens employees. Its global presence in Silicon Valley and Boston, Germany, China and Israel positions next47 close to the major innovation ecosystems to identify, shape and grow future businesses for Siemens. For more information see www.next47.com