Samsung Ventures has invested in energy optimisation firm GridBeyond as part of a $19.5 million equity round alongside existing shareholders.
GridBeyond and Samsung will work together to explore opportunities across trading, asset optimisation and energy services that will allow both companies to realise their growth ambitions globally.
Related article: GridBeyond increases battery storage revenues with Bid Optimiser
The funding will accelerate the expansion across GridBeyond’s key strategic markets including the UK, Ireland, the United States, Japan, and Australia, while enabling continued investment in the evolution of the company’s optimisation platform for distributed energy assets.
GridBeyond’s technology enables real-time orchestration of distributed assets, including utility-scale renewable generation, battery storage, and energy demand, across multiple market and grid services.
GridBeyond CEO Michael Phelan said, “This partnership will deliver world-leading products for renewable and battery developers, enabling greater asset value, improved grid stability, and faster progress toward a decarbonised energy system.”
“We are delighted to welcome Samsung as both a shareholder and collaboration partner, it is recognition that GridBeyond has developed a world leading integrated optimisation platform,” GridBeyond deputy CEO Richard O’Loughlin said.
Related article: GridBeyond receives $92.8M investment boost
“Samsung’s deep expertise in renewable asset and battery development, EPC, energy technology, and trading experience complements our platform and accelerates our ability to deliver highly reliable, market-ready optimisation and trading solutions at global scale.”
