Global smart energy company GridBeyond has successfully concluded a €52 million (AUD$92.8 million) Series C financing round to support the scale-up of the business.
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The funding 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.
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 CEO Michael Phelan said, “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.
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“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.”
