Smartville

What they do & why the LACI Cleantech Debt Fund invested

Smartville is a Carlsbad-based company founded by UCSD Center for Energy Research’s Antoni Tong, principal investigator, and Mike Ferry, the energy storage program director. They started the company to give used electric vehicle (EV) batteries a second life in energy storage applications.

The traditional life cycle of EV lithium-ion batteries is to be retired and then shipped internationally to be recycled. By repurposing these batteries into energy storage systems, Smartville has created a domestic circular economy for these batteries. By extending the useful life of already manufactured EV batteries, Smartville helps to decrease their carbon footprint.

In March of 2023, Smartville deployed its first energy storage system at the UCSD Library Annex to store solar energy, reducing demand on the local utility grid after sunset and avoiding peak electricity rates. The 500-kilowatt-hour system also provides 48 hours of emergency backup power.

Smartville came to the LACI Cleantech Debt Fund from New Energy Nexus. Managed by Mission Driven Finance, the LACI Cleantech Debt Fund invests in companies working on solving challenges related to climate change.

Loan funds will be used as working capital to complete active cost reimbursement grants from the California Energy Commission (CEC). Smartville has also received funding from the U.S. Department of Energy.