GridBeyond, the leading provider of intelligent energy and smart grid platforms for managing distributed energy resources, has closed its €52 million Series C financing round. The round was led by Klima, Alantra’s energy transition fund .
The Series C round also included new investors Energy Impact Partners , Mirova , ABB , Constellation and Yokogawa Electric Corporation , and investments from existing investor Act Venture Capital .
Since its founding in 2010, GridBeyond has developed its AI platform to help companies unlock the full potential of energy assets with the aim of ensuring the sustainability, resilience and affordability of energy as the world moves towards a carbon-free future.
GridBeyond’s technology unleashes the latent power within every connected asset, including renewable energy generation, battery storage and required energy load. This bridges the gap between distributed energy resources and grid requirements. This allows stakeholders across the energy value chain, from generators and network operators to end users, to optimize energy consumption in terms of price and carbon footprint.
The funding will be used to further develop GridBeyond’s technology and demonstrate its leadership in Grid Edge Virtual Power Plant (VPP) worldwide. It enables GridBeyond to build on its ability to optimize assets such as demand response, storage and renewables. In addition, it supports network operators and local utilities to maximize the use of flexible assets and low-carbon technologies that quickly integrate into the system through the electrification of heat and transport.
Finally, the funds will fuel GridBeyond’s growth into new international markets as regulations and renewable energy penetration levels increase. The company can expand its US operations and support its industry-leading storage, EV (V2G) and DR offerings in the US and other deregulated markets with high levels of renewable energy penetration, which is already well underway. This growth is driven by the increasing need for flexibility to achieve the zero-carbon future the company aims to achieve.
Michael Phelan, Chief Executive Officer and Co-Founder of GridBeyond, commented:
“We are pleased to complete this transaction. This financing, together with the support of our new partners, will allow us to expand our product offering and strengthen our leading position in this sector.
The recently completed funding round puts GridBeyond on a path to extend the reach of our intelligent energy platform and deliver world-leading AI and powerful automation capabilities to smart grid and energy markets. This supports our ambition to promote the transition of global energy networks towards digitalization, decarbonization and decentralization. In doing so, it will improve commercial and operational benefits for market participants through responsive automation and optimization of flexible demand, storage and distributed generation.”
In 2023, GridBeyond expanded its team across all deregulated US markets, acquired Veritone Business Energy, launched a range of new products and doubled the size of its team globally. In addition, the company has seen its annual revenue increase by an average of 70% per year over the past three years, with further comparable growth forecast in 2024.
SOURCE: Businesswire