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Tech

GridBeyond closes €52M Series C funding round to continue its platform evolution and invest in new & existing markets

GridBeyond, the leading intelligent energy and smart grid platform provider for distributed energy resource management, has closed its €52M Series C financing round. The round was led by Alantra’s Energy Transition Fund, Klima.

The Series C round also included new investors Energy Impact Partners, Mirova, ABB, Constellation and Yokogawa Electric Corporation as well as investment from existing investor, Act Venture Capital.

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.

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.

Finally, it will facilitate GridBeyond’s growth into new international markets as regulatory environments and renewable penetration levels progress. It will also facilitate expansion of its US business and support delivery of its world leading Storage,  EV (V2G) and DR offerings across US & other deregulated markets with high renewable penetration levels which is already well underway. This growth is driven by the increasing need for flexibility to achieve the zero-carbon future the company strives to deliver.

Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond, commented:

“We are delighted to complete this transaction. 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 USA, 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.

Bastien Gambini, Managing Partner of Klima, added: “GridBeyond has established itself as a VPP leader across different countries, enabling stakeholders throughout the value chain to optimise energy. 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.”

Marathon Capital, LLC , an independent investment bank focused on the clean economy served as financial advisor to GridBeyond with Byrne Wallace as the company’s legal counsel and Mason Hayes & Curran (MHC) as the lead investor’s legal advisor.

Read the full article here

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