GridBeyond, a leading intelligent energy and smart grid platform provider for distributed energy resource management, announced it has closed a €52 million Series C financing round. Alantra’s Energy Transition Fund Klima led the round. And the 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 being founded in 2010, GridBeyond has been developing its AI platform to help businesses unleash 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 platform unshackles the latent power within every connected asset, such as utility-scale renewables generation, battery storage, and energy demand load. This bridges the gap between distributed energy resources and the power grid’s requirements, enabling stakeholders across the energy value chain, from generators and network operators to end users, to optimize energy use for price and carbon footprint.
This funding round will further evolve GridBeyond’s technology and demonstrate its worldwide leadership in Grid Edge Virtual Power Plant (VPP). It will also enable GridBeyond to build on its capability in optimizing assets such as demand response, storage, and renewables and support grid operators and local utilities in maximizing the use of flexible assets and low-carbon technologies rapidly integrating into the system through the electrification of heat and transportation.
The funding will facilitate GridBeyond’s growth into new international markets as regulatory environments and renewable penetration levels progress. And it will also drive expansion of its US business and support delivery of its Storage, EV (V2G) and DR offerings across US and 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.
Last year, 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 the last three years, the company has been increasing its annual revenue on average by 70% per year, and it forecasts similar growth this year.
Marathon Capital, 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.
KEY QUOTES:
“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 digitalization, decarbonization, and decentralization. All while enhancing commercial and operational benefits for market participants through fast-acting automation and optimization of flexible demand, storage, and distributed generation.”
– Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond
“GridBeyond has established itself as a VPP leader across different countries, enabling stakeholders throughout the value chain to optimize 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.”
– Bastien Gambini, Managing Partner of Klima
