GridBeyond secures €52m in Series C funding to expand its artificial intelligence energy technology into the United States.
The round was led by Klima and Alantra's Energy Transition Fund to support international growth and product development.
≈ £44.4M at €1 = £0.8544 on 16 Apr 2024
GridBeyond provides an intelligent energy and smart grid platform that uses artificial intelligence to manage distributed energy resources and optimise power consumption.
Dublin-based energy technology provider GridBeyond has raised €52m in a Series C funding round to scale its artificial intelligence platform globally. The investment was led by Alantra's Energy Transition Fund, Klima, with participation from Energy Impact Partners, Mirova, ABB, Constellation, Yokogawa Electric Corporation, and Act Venture Capital.
The capital will be deployed to advance the company technology, expand its virtual power plant capabilities, and drive international growth, specifically targeting deregulated markets in the United States. GridBeyond applies machine learning to optimise energy generation, demand, and storage assets to support grid stability and lower carbon emissions.
The latest financing follows steady commercial expansion and a period of rapid revenue growth for the firm, which previously secured debt financing in 2022.
From the founder
"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."
Michael Phelan
Chief Executive Officer and Co-founder at GridBeyond
Investor perspective
"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."
Bastien Gambini
Managing Partner, Klima
Use of funds
- 01Continue product development
- 02Expand into international markets
Investors
Bastien Gambini
Klima
Bastien Gambini
Alantra’s Energy Transition Fund, Klima
Energy Impact Partners
Mirova
ABB
Constellation
Yokogawa Electric Corporation
Act Venture Capital
About the company
GridBeyond
An intelligent energy platform provider using artificial intelligence for distributed energy resource management.