[Funding alert] Austrian Scale-Up, HYDROGRID Secures $8.5 Million in Series-A Round Funding

This funding will enable HYDROGRID to accelerate even further on its rapid growth path over the last years, expand into new markets and enable a successful transition towards a zero-carbon future.

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Hydropower is the largest source of renewable energy worldwide. With 60% of all global renewable generation coming from hydro[1] it has the capability to provide reliable baseload energy 365 days per year, giving it a crucial role in terms of security of supply.

Janice Goodenough, CEO of HYDROGRID said, “Despite the important role hydropower has to play as a green battery to the grid, hydro is often viewed as the sleeping giant of the energy transition. This is because a significant part of its potential is currently underutilized due to a lack of digitalisation or due to complex regulation. And that’s what we aim to change.”

Michal Mravec, Investment Director at Inven Capital underscores this: “At Inven Capital, we believe hydro power is vital in the transition towards a zero-carbon economy. HYDROGRID’s ability to proactively manage inflow forecasting, water management and environmental regulation and then combine it with optimal power trading, adds tremendous value to hydro power owners. The real-time, all-in-one solution allows them to increase their revenues by up to 50% and streamline their processes, enabling operators to remain competitive in a fast-paced market and regulatory environment. The positive climate impact from increasing hydro power generation by up to 10% compared to manual operation is also significant. We are excited to support the company on its global growth journey.”

Since its founding in 2016, HYDROGRID has consistently shown strong traction. The company has grown by more than 3X for two consecutive years and continues to make significant impact towards it’s sustainable development goals.

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But for Tommi Uhari, Partner at Karma Ventures, it is not just the KPI’s of the past that make HYDROGRID a compelling investment case: “I have been following the development of both the product and the company already since 2019. The outstanding level of talent and spirit of the HYDROGRID team is in my opinion the company’s greatest asset.

About HYDROGRID

Founded 2016 in Vienna, HYDROGRID was awarded the national digitalization award in 2019 for its cutting-edge technology and currently supports hydro operators in 7 countries around the world to fully digitalize their process from water to money.

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The HYDROGRID Insight production planning solution combines powerful machine learning algorithms for inflow and power price forecasting with intelligent optimization across the short-, medium- and long-term horizon for run-of-river, pondage, storage, and cascade hydro-assets – all in one integrated and fully automated software package.