Switched Source has raised more than $17 million to expand production and deployment of its electricity-grid equipment, with Cubit Capital leading the financing. The Chicago company announced the round on October 13. ABB, Emerald Technology Ventures, Red Cedar Ventures, Southern States and Southwire Company were among the participants. The money backs equipment that balances power between the phases of existing distribution circuits.
The company plans to expand manufacturing and testing, support utility installations across North America and develop additional distribution-system products. It is adding manufacturing, quality and supply-chain roles in Chicago. Its announcement does not give a valuation, a named financing stage or an exact amount beyond the stated minimum. Those omissions leave the transaction's pricing and detailed capital allocation undisclosed.
Federal project records show the delivery work
The financing sits alongside an older federal deployment programme. The US Department of Energy's GRIP project index, which labels its information as current to December 2024, lists Switched Source for up to $47 million in Florida and Illinois. That support appeared among projects intended to strengthen networks in communities affected by Hurricanes Helene and Milton. The historical award listing is separate from this October's financing. It does not establish how much federal money has since been disbursed or how many devices are operating today.
A more detailed DOE project document, signed by its environmental compliance officer on January 23, 2025, names Switched Source as the prime recipient and Florida Power and Light as the sub-recipient. The CARPE DIEM project covers power-flow controllers in the utility's Florida distribution territory and their use in planning and operations. Its environmental determination covers specified design, permitting, siting and procurement work. The form explicitly excludes other tasks from that determination, so it cannot serve as proof that the full installation programme received clearance or was completed.
The same document identifies a concrete production constraint: most components were custom-made subassemblies, with lead times reaching beyond 26 weeks before final assembly and testing. Equipment purchases therefore needed to begin during the first project phase for later manufacturing and deployment. This is a dated procurement record, rather than a current delivery quote. It explains why ordering components, building finished units and energising equipment are separate steps; the document does not give a present-day completion count for the Florida rollout.
What the utility pilot actually demonstrated
There is utility-side evidence for what the equipment has achieved at a specific site. In a report filed on January 31, 2025, the Joint Utilities of New York described National Grid's July 2024 Phase-EQ pilot. They reported reduced neutral current and voltage imbalance, and the ability to make up to two megawatts of additional load-serving capacity available on the pilot circuit. These are findings from that installation. They are not a guaranteed result for every circuit to which the new financing may help deliver equipment.
The utilities explain the mechanism as moving power between phases of a medium-voltage distribution circuit to reduce uneven loading. At the report's filing date, National Grid was still evaluating winter performance and considering a wider deployment programme, while helping its New England team with a Massachusetts installation. That account shows both a demonstrated operating result and further evaluation work. It describes the device as a supplement to conventional distribution solutions, rather than evidence that ordinary network upgrades can be abandoned.
NYSERDA's separate account of its support records an initial deployment with the municipal utility in Sherburne, New York, and a National Grid commitment for 30 units following a demonstration. It also describes research links with Binghamton University and the Koffman Incubator on thermal management, plus manufacturing partners in upstate New York. The agency says its early grant supported prototype development, pilot projects and product refinement. Those are concrete stages between a design and equipment working on a live network, and they identify the utility and production relationships behind the business. The 30-unit figure is a commitment in that account, not an independently verified count of completed installations. Earlier Dalimss News coverage examined Battery Smart's follow-on financing and TRIOLT Energy's battery development.
