GridBeyond, a smart grid platform provider for Distributed Energy Resource Management Systems (DERMS) said that it concluded its Series B financing round raising US $11.7M (à¢â€š¬10.5M) from a number of high-profile partners.
The money will be used to support the scale-up of the business and international expansion.
The leading investor in the round was EDP – Energias De Portugal, the Portuguese electric utility company and a leader in the renewable energy sector, according to GridBeyond. Other existing and new investors in the company:
- Act Venture Capital – an Irish venture capital firm
- Electricity Supply Board (ESB) – the Irish utility
- Total Carbon Neutral Ventures – the Total Group’s venture capital arm that supports technologies and solutions that help companies reduce their carbon footprint
GridBeyond provides a way for companies to manage and control demand response participation, energy performance, markets and costs via its AI Point platform. By connecting grid operators, operational load, distributed generation, storage, EV charging and utilities to integrated energy services, the platform delivers demand response revenues, enhanced savings, strengthened operations and sustainability to over 400 commercial and industrial (C&I) sites worldwide, including some of the planet’s best-loved brands, it says.
GridBeyond was founded in 2007 and is home to the world’s first hybrid battery and demand network, which is taps to help provide that flexibility to the grid that is needed.
GridBeyond currently operates in the UK and Ireland and will use this new equity funding to further expand its business offerings, increase market share and establish operations in new territories.
Vera Pinto Pereira, CEO of EDP Commercial said that the investment will help EPD “gain experience in managing flexibility in distributed assets and seek new energy products and services that meet the changing needs of the energy customer, as well as by our objective to strengthen EDP’s international expansion. The changing paradigm of our sector, with the electrification of the economy, decentralization of energy generation, and overall digitalization, leads to the adoption of new technologies that, with the appropriate regulatory framework, allow for a more dynamic portfolio that includes the market’s participation in demand response through flexibility services, something we anticipate will be key to the adequate equilibrium of the electric system in the near future.”