Illinois-Based Switched Source Raises Over $17M in Funding

Why the Funding Matters

Switched Source will use the funding to expand its operations and continue developing solutions for utility distribution systems.

The company is also adding manufacturing, quality and supply chain roles at its Chicago headquarters to support its operations and product development.

Who founded Switched Source?

Switched Source was founded in 2016 by Charles Murray and Lane Nelson.

The company is headquartered in Chicago, Illinois, and develops power-flow control technology for electric utilities.

“Utilities are planning for a grid that is changing faster than it ever has before, but many of the tools they have at their disposal take years to implement and are 40+ year commitments,” said Charles Murray, co-founder and CEO of Switched Source. “We need to give utilities more options: tools that can be deployed quickly, improve the performance of the grid they already have, and preserve flexibility as demand evolves.

“At Cubit Capital, we partner with courageous leaders confronting foundational problems,” said Philip Carson, Partner at Cubit Capital. “Grid capacity is one of these growing challenges, with consequences for utilities, businesses, and the communities they serve. Switched Source combines leadership that understands the utility market with technology that has demonstrated its value in operating environments.

Market and Business Growth

Switched Source’s technology has recorded more than 150,000 operating hours across 12 utilities. According to the company, field data from active deployments show increases of 10% to 25% in load-serving capacity.

The company recently began a five-year, $99 million project under the US Department of Energy’s Grid Resilience and Innovation Partnerships Program. The project will deploy Phase-EQ units in the Southeast to support storm restoration.

Switched Source says its technology typically takes 14 to 20 weeks from purchase order to site activation, compared with the one- to three-year timelines associated with many traditional distribution upgrades.