CHARLOTTE – Atom Power, which early on landed investment backing from international giant Siemens, is impressing investors enough to raise nearly $17.8 million from backers.
Atom is developing patent-winning technology to turn power equipment such as switches to digital technology.
Eight investors joined the new round of financing, according to a securities filing on Tuesday.
The investors received a mix of equity and options.
Atom Power’s latest digital circuit breaker.
Atom raised some $3 million in 2017.
The company was founded in 2014 for the purpose of revolutionizing commercial and industrial power distribution through the development of solid-state switching technology.
It has since developed the first commercially viable solid-state circuit breaker.
Earlier this year, Atom received two patents. Its first patent came in May 2019.
Atom is the “first company to use Wide Band Gap (WBG) semiconductors in commercially available solid state circuit breakers, and the only company to manufacture SiC semiconductor modules specifically for use in circuit protection,” the company says.
“The vision is to completely transform power distribution to meet our modern energy needs, and to reach a future where energy is fast, safe and intelligently controlled for the first time,” said Ryan Kennedy, CEO of Atom Power, when the latest patents were announced. “The Generation 2 circuit breaker marks a new milestone in fulfilling that vision and making intelligent power more accessible and attainable to more people.”
