Instagrid – a leading Europe-based provider of high-performance portable battery systems – announced a Series C funding round of $95 million. And Instagrid more than doubled revenues this year and will use the funding to continue its growth by entering the North American market, increasing production, and expanding its range of mobile power solutions to decarbonize off-grid power.
Offering a sustainable alternative to the fossil fuel generators used to power mobile work in construction, film, events, and emergency services, Instagrid has shipped close to 30,000 units of its flagship product in 29 countries since it launched two years ago. With the strong demand for clean mobile power solutions expected to continue, backed by supportive policy developments in both Europe and North America, there is a large opportunity set and a mature, addressable market for Instagrid’s technology. As part of the North American expansion, Instagrid has hired US CEO Rich Romer and plans to open offices, hire across divisions, and launch new products for use in the United States and Canada.
Following the latest funding round, Instagrid has raised over $145 million. The funding round was led by Teachers Venture Growth (TVG), part of the $250 billion Ontario Teachers’ Pension Plan, with participation from Morgan Stanley Investment Management (MSIM) 1GT climate private equity strategy. Existing investors Energy Impact Partners, SET Ventures, blueworld.group, Hightech Gründerfonds, and the chair of the advisory board, Pierre-Pascal Urbon, also contributed to the round. Additional existing investors include Segnalita Ventures and Wille Finance AG.
“Our innovative products have already proven themselves in the market to customers across Europe, and the environmental and health benefits of our portable batteries over combustion generators have been demonstrated. Thanks to our unique, proprietary technology, we are sector-leading and peerless in terms of reliability, power, and durability. Our products are significantly more compact, powerful, and mobile than other battery systems. Securing funding from such long-term strategic and experienced partners reflects our strong momentum and will enable us to build on the technology that underpins our success and bring more category-defining products to the market in the near future.”
– Instagrid co-founder and co-CEO Dr Sebastian Berning
“We founded Instagrid to decarbonize off-grid power and make it available to anyone, anywhere, anytime. Having worked for several years in the battery industry, we saw a crucial gap in the market – numerous portable batteries catered to camping and leisure, but what was missing was a powerful and scalable portable battery solution for professionals. Our customers are leading the way by replacing their combustion generators with Instagrids to increase efficiency, cut down operating costs, and provide pollution-free workplaces. We are thrilled to be joined by two leading global investors whose support will enable us to expand our global footprint by putting our technology in the hands of even more people.”
– Instagrid co-founder and co-CEO Dr Andreas Sedlmayr