[Funding alert] Dublin-based GridBeyond Secures €52.25 Million in Series C Round Funding

Klima, Alantra's Energy Transition Fund, headed the round. Energy Impact Partners, Mirova, Act Venture Capital, ABB, Constellation, and Yokogawa Electric Corporation were among the other new and returning investors in the Series C round.

Every linked asset, including utility-scale renewable energy generation, battery storage, and energy demand load, has latent potential that can be unlocked by GridBeyond's technology.

This allows all parties involved in the energy value chain, from generators and network operators to end users, to optimise energy use for cost and carbon footprint. It does this by bridging the gap between dispersed energy resources and the requirements of the power grid.

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The funds will be utilised to advance GridBeyond's technological capabilities and showcase the company's expertise in Grid Edge Virtual Power Plants (VPPs) globally. By electrifying heat and transportation.

It will allow GridBeyond to expand on its capacity for optimising assets such as demand response, storage, and renewables. It will also assist local utilities and grid operators in making the most use of flexible assets and low-carbon technologies that quickly integrate into the system.

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 doubled its staff size worldwide, bought Veritone Business Energy, introduced a number of new products, and extended its team throughout all deregulated markets in the United States. Furthermore, during the past three years, the company has had an average yearly revenue increase of 70%, and in 2024, the company expects to see even greater growth.

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.”

About GridBeyond

GridBeyond has worked to advance its AI platform, enabling companies to fully use their energy assets and guaranteeing energy's affordability, sustainability, and resilience as the globe approaches a carbon-free future.