Smart energy company GridBeyond has
successfully concluded a €52M Series C financing round to support
the scale-up of the business. The company will use the funding to
support its international expansion, expand its existing US
presence significantly and continue its investment in R&D to
facilitate the delivery of a global zero-carbon future.
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.
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GridBeyond closes €52M Series C funding
round to continue its platform evolution and invest in new &
existing markets. (Graphic: Business Wire)
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.
About GridBeyond
GridBeyond is a smart energy company led by Michael Phelan and
Richard O’Loughlin. By leveraging AI, we innovate and collaborate
with our customers to create optimal value from energy generation,
demand and storage to deliver a zero-carbon future. By bridging the
gap between distributed energy resources and electricity markets,
GridBeyond’s technology means every connected asset – whether
utility-scale renewables generation, battery storage, or energy
demand load – can be utilized to help maximize opportunities and
enhance the grid. By intelligently dispatching flexibility into the
right market, at the right time, asset owners and energy consumers
unlock new revenues and savings, resilience, and management of
price volatility, while supporting the transition to a Net Zero
future.
For more information, visit www.gridbeyond.com.
About Alantra and Klima Energy Transition Fund
Alantra is an independent global mid-market financial services
firm providing investment banking, asset management, and private
capital services. In Alternative Asset Management, Alantra offers
its clients unique access to a wide range of investment strategies
in five highly specialized asset management classes (private
equity, active funds, private debt, energy, and venture capital).
As of 31 December 2023, assets under management from consolidated
and strategic businesses stood at €15.6bn.
Alantra’s Energy Transition fund, Klima, is a 210M€ late-stage
VC fund. Alongside Enagas, as cornerstone investor, Klima is backed
by relevant investors such as the European Investment Fund, Axis
ICO and CPPI. Klima partners with companies located in Europe and
North America that have high growth potential in sectors such as
smart power grids and markets, energy storage and technologies.
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For further information or for arranging interviews please
contact:
Gabriella Di Salvo Global Head of Communications,
GridBeyond E: pressoffice@gridbeyond.com M: +44 07918 359693
Peter Ramsay Global Results Communications E:
grid@globalresultspr.com M: +1 949 307 5908
Yago Sánchez-Reig Global Head of Marketing, Communication
& Investor Relations, Alantra E: yago.sanchez@alantra.com T:
+34 917 458 484