GridBeyond, a pioneering force in smart energy solutions, has marked a significant milestone with the successful conclusion of its latest financing endeavor. Securing an impressive €52M in its Series C financing round, the company is poised to propel its ambitious expansion initiatives to new heights.
This substantial funding injection will serve as a catalyst for GridBeyond's global outreach, bolstering its presence in key international markets while fortifying its foothold in the United States. Moreover, it underscores the company's unwavering commitment to advancing research and development efforts to steer the world toward a zero-carbon future.
Led by Alantra's esteemed Energy Transition Fund and Klima, the Series C round also welcomed a cadre of prominent investors, including Energy Impact Partners, Mirova, ABB, Constellation, and Yokogawa Electric Corporation, alongside continued support from Act Venture Capital.
GridBeyond's journey, which commenced in 2010, has been characterized by relentless innovation and a steadfast dedication to harnessing the transformative power of artificial intelligence. Its proprietary platform empowers businesses to unleash the latent potential of their energy assets, thereby fostering sustainability, resilience, and affordability in an increasingly carbon-conscious world.
Central to GridBeyond's mission is its cutting-edge technology, which optimizes the utilization of diverse energy resources, ranging from utility-scale renewables to battery storage. By bridging the gap between distributed energy resources and the evolving needs of the power grid, GridBeyond empowers stakeholders across the energy spectrum to optimize energy consumption, thereby curbing costs and carbon emissions alike.
The capital infusion will fuel GridBeyond's ongoing evolution, particularly in the realm of Grid Edge Virtual Power Plant (VPP) solutions. This strategic investment will further enhance GridBeyond's prowess in optimizing assets such as demand response, storage, and renewables, thereby empowering grid operators and local utilities to harness the full potential of flexible assets and low-carbon technologies.
Furthermore, this funding will facilitate GridBeyond's expansion into burgeoning international markets, capitalizing on regulatory shifts and escalating renewable energy adoption rates. Notably, the company is primed to capitalize on the electrification of heat and transportation sectors, accelerating the integration of renewable energy sources into the grid ecosystem.
In parallel, GridBeyond is poised to expand its presence in the United States, capitalizing on the surging demand for flexible energy solutions in deregulated markets with high renewable penetration levels. This strategic expansion is underpinned by the company's unwavering commitment to facilitating the transition towards a zero-carbon future, one innovation at a time.
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 expanded its US team, acquired Veritone Business Energy, launched new products, and doubled its global workforce. With an impressive 70% annual revenue growth over the past three years, similar growth is forecasted for 2024.
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 to guide customers on their path to achieving net zero-carbon."
About GridBeyond:
GridBeyond, helmed by Michael Phelan and Richard O'Loughlin, is a forward-thinking smart energy company harnessing the power of AI to optimize energy generation, demand, and storage. Our collaborative approach with customers drives value creation towards a zero-carbon future. By seamlessly integrating distributed energy resources with electricity markets, GridBeyond ensures that every connected asset—utility-scale renewables, battery storage, or energy demand—contributes to grid enhancement. Through intelligent flexibility dispatch, asset owners and energy consumers unlock new revenue streams, savings, resilience, and price volatility management, facilitating the transition to a Net Zero future.
About Alantra and Klima Energy Transition Fund:
Alantra is a global mid-market financial services firm offering investment banking, asset management, and private capital services. In Alternative Asset Management, Alantra provides clients access to diverse investment strategies across private equity, active funds, private debt, energy, and venture capital. As of December 31, 2023, assets under management from consolidated and strategic businesses totaled €15.6bn.
Alantra's Energy Transition fund, Klima, is a €210M late-stage VC fund. Backed by cornerstone investor Enagas and supported by the European Investment Fund, Axis ICO, and CPPI, Klima partners with high-growth potential companies in Europe and North America. It focuses on sectors like smart power grids, energy storage, and emerging energy technologies.