Fat Spaniel Technologies Closes $18 Million Series B Round
January 23, 2008
San Jose, Calif. – Fat Spaniel Technologies, Inc., a provider of monitoring and reporting services for renewable energy systems, closed $18 million in Series B financing today. The investment round was led by Ignition Partners, with follow-on investment from Element Partners and Chrysalix Energy. PCG Clean Energy & Technology Fund and Applied Ventures, LLC, the venture capital arm of Applied Materials, Inc., also participated in the round.
"Fat Spaniel’s services are fundamental to the sustained growth of the renewable energy marketplace. Third party project financing is a key driver of the industry, and remote management services are essential in order to realize a higher return on investment combined with a lower level of risk,” said John Ludwig, founding partner of Ignition Partners. "I’m confident that Fat Spaniel has the team and the technology to continue along its impressive growth trajectory."
With more than 1,000 installations already deployed in 12 countries worldwide, Fat Spaniel will use this round of funding to expand sales and marketing efforts to European and other international markets. The company will also continue to broaden its product offering to support customer and partner needs across the broad spectrum of renewable energy and energy efficiency technologies.
“As Applied Materials continues to expand its presence in the clean energy market, we’re examining ways that renewables can be most effectively monetized to accelerate adoption of clean energy” said J. Christopher Moran, vice president and general manager of Applied Ventures. “Fat Spaniel’s technology allows system owners, power purchase agreement service providers and financiers to increase the value of their solar installations by reducing risk, cutting operations and maintenance costs, and improving cash flows from energy generation and conservation, thereby delivering benefits across the entire solar industry.”
Chris Beekhuis, president and CTO of Fat Spaniel Technologies, added, “This strategic investment is the right money coming in at the right time as Fat Spaniel continues to expand its service offering and its global footprint. Having Ignition Partners, PCG Clean Energy and Technology Fund and Applied Ventures at the table will further strengthen the strategic capability of our company.”
John Ludwig will join Robert L. Puette, David F. Lincoln, Thomas J. Starrs, Mike Walkinshaw and Fat Spaniel President Chris Beekhuis on the Board of Directors.