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Irish startup GridBeyond raises $52M to expand its AI energy tech to the US

GridBeyond funding
Picture credits: GridBeyond

Energy consumption is the dominant contributor to climate change, accounting for around 60% of tidal global greenhouse gas emissions, according to the UN. This is where Dublin-based GridBeyond helps with its smart energy technology. 

The Irish intelligent energy and smart grid platform provider for distributed energy resource management has secured €52 million in Series C funding. The round was led by Alantra’s Energy Transition Fund, Klima. Other investors in the round include Energy Impact Partners, Mirova (invested in Nuventura and Waste Robotics), ABB, Constellation, Yokogawa Electric Corporation, and Act Venture Capital. This follows the €6 million debt financing it received in 2022. 

Eyes a zero-carbon future

The funding will be used to further evolve GridBeyond’s technology and demonstrate its leadership in Grid Edge Virtual Power Plant (VPP) worldwide. It will enable the company to build on its capability in optimising assets like demand response, storage, and renewables and support grid operators and local utilities to maximise the use of flexible assets and low-carbon technologies integrating into the system through the electrification of heat and transportation. 

In addition to this, it will facilitate GridBeyond’s growth into new international markets such as the US. The funding will support the delivery of its storage, EV (V2G), and DR offerings across the US and other deregulated markets with high renewable penetration levels. 

Deploys AI in energy storage 

Founded by Michael Phelan and Richard O’Loughlin, GridBeyond uses AI to innovate and collaborate with customers and create optimal value from energy generation, demand, and storage to deliver a zero-carbon future. 

It unleashes the latent power within every connected asset, including utility-scale renewables generation, battery storage, and energy demand load. This bridges the gap between distributed energy resources and the requirements of the power grid, enabling stakeholders across the energy value chain, from generators and network operators to end users, to optimise energy use for price and carbon footprint.

By intelligently dispatching flexibility into the right market, at the right time, asset owners and energy consumers unlock new revenues and savings, resilience, and management of price volatility, while supporting the transition to a net-zero future.

To summarise, its AI platform helps businesses unlock the full potential of energy assets, ensuring the sustainability, resilience, and affordability of energy as the world moves towards a zero-carbon future.

In 2023, 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 addition, in the last three years, the company has been increasing its annual revenue on average by 70% per year with a forecast of further similar growth in 2024.  

Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond, stated “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.”

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.”

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