GridBeyond announces €52m in growth financing

Dublin-based intelligent energy and smart grid platform provider GridBeyond has announced close of a €52 million ($55.4 million) Series C financing round to evolve the company’s technology further and build on its capability in optimising clean tech assets.

The Series C round was led by Alantra’s Energy Transition Fund, Klima, alongside new and returning investors Energy Impact Partners, Mirova, Act Venture Capital, ABB, Constellation and Yokogawa Electric Corporation.

Since its foundation in 2010, GridBeyond has been developing its AI platform, which allows businesses to utilise connected assets, such as renewable energy sources, battery storage and energy demand load, intelligently dispatching flexibility for revenue and savings.

According to the company in a release, the successful financing will be used to continue developing their tech platform and grow into new international markets as regulatory environments and renewable penetration levels progress.

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It will also facilitate the expansion of its US business and support the delivery of its storage, EV (V2G) and demand response offerings across the US and other deregulated markets.

Michael Phelan, the company’s chief executive officer and co-founder, commented in a release: “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.”

Smart Energy Finances: GridBeyond’s acquisition of Veritone Energy

The financing round is the latest in growth announcements to come from GridBeyond.

In 2023, the company 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.

Bastien Gambini, Managing Partner of Klima, said: “GridBeyond has established itself as a virtual power plant (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.”