Smart energy business GridBeyond is scaling up for global growth.
Dublin-headquartered tech firm GridBeyond has closed a €52.2m Series C financing round led by Alantra’s Energy Transition Fund, Kilma.
The Series C round included new and returning investors Energy Impact Partners, Mirova, Act Venture Capital, ABB, Constellation and Yokogawa Electric Corporation.
“This supports our ambition to advance the transition of the global energy networks towards digitalisation, decarbonisation, and decentralisation”
Since its foundation in 2010, GridBeyond has been developing its AI platform to help businesses unlock the full potential of energy assets, ensuring the sustainability, resilience, and affordability of energy as the world moves towards a zero-carbon future.
In 2022 the business raised €6m in investment in a round led by Claret Capital Partners.
Powering the digital future of energy
GridBeyond provides a combination of technological and deep domain expertise in energy markets, which enable it to support the wider electricity grid to integrate more volatile renewables and make the leap to a greener future by managing and optimising distributed flexible assets.
GridBeyond’s technology unleashes the latent power within every connected asset, including utility-scale renewables generation, battery storage, and energy demand load. This bridges the gap between distributed energy resources and the requirements of the power grid, enabling stakeholders across the energy value chain, from generators and network operators to end users, to optimise energy use for price and carbon footprint.
The funding will be used to further evolve GridBeyond’s technology and demonstrate its leadership in Grid Edge Virtual Power Plant (VPP) worldwide. It will enable GridBeyond to build on its capability in optimising assets like demand response, storage and renewables and support grid operators and local utilities to maximise the use of flexible assets and low-carbon technologies rapidly integrating into the system through the electrification of heat and transportation.
It will also facilitate GridBeyond’s expansion into new markets as regulatory environments and renewable penetration levels progress. This growth is driven by the increasing need for flexibility to achieve the zero-carbon future the company strives to deliver.
“We are delighted to complete this transaction,” said GridBeyond CEO Michael Phelan. “This funding, together with the support of our new partners, will enable us to expand our product offering and strengthen our leadership position in this space.
“The newly completed financing round sets GridBeyond on the path to increase the reach of our intelligent energy platform and deliver world leading AI and powerful automation capabilities to smart grid and energy markets across the world. This supports our ambition to advance the transition of the global energy networks towards digitalisation, decarbonisation, and decentralisation. All while enhancing commercial and operational benefits for market participants through fast-acting automation and optimisation of flexible demand, storage and distributed generation.”
In 2023, GridBeyond expanded its team across all deregulated markets in the US, acquired Veritone Business Energy, launched a suite of new products and doubled the size of its team globally. In addition, in the last three years the company has been increasing its annual revenue on average by 70% per year with a forecast of further similar growth in 2024.
“GridBeyond has established itself as a VPP leader across different countries, enabling stakeholders throughout the value chain to optimise energy,” added Bastien Gambini, Managing Partner of Klima.
“We are thrilled to support the company’s expansion and its additional services aimed at guiding customers on their path to achieving net zero-carbon.”
-
Bank of Ireland is welcoming new customers every day – funding investments, working capital and expansions across multiple sectors. To learn more, click here
