ENERGY STORAGE

GridBeyond completes €52m series C financing round

April 17, 2024

Battery storage and demand network provider GridBeyond has concluded a €52M Series C financing round to support the scale-up of the business.

The company will use the funding to “support its international expansion, expand its existing US presence significantly and continue its investment in R&D,” a statement said.

The financing round was led by Alantra’s Energy Transition Fund, Klima.

The Series C round also included new investors Energy Impact Partners, Mirova, ABB, Constellation, and Yokogawa Electric Corporation as well as investment from existing investor, Act Venture Capital.

GridBeyond’s technology “unleashes the latent power within every connected asset, including utility-scale renewables generation, battery storage, and energy demand load,” the company says. Grid Beyond says its technology “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”.

Michael Phelan, CEO and co-founder of GridBeyond, said: “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.”

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.”

Marathon Capital, LLC , an independent investment bank focused on the clean economy served as financial advisor to GridBeyond with Byrne Wallace as the company’s legal counsel and Mason Hayes & Curran (MHC) as the lead investor’s legal adviser.