Renewable energy service provider GridBeyond has secured €52 million ($55.3m) in fresh funding.
The Series C round was led by Alantra’s energy transition fund, Klima, and included other investors such as Energy Impact Partners, Mirova, Act Venture Capital, ABB, Constellation, and Yokogawa Electric Corporation.
Founded in 2010, Dublin-based GridBeyond provides grid-connected battery technologies and management software.
The company’s Virtual Power Plant platform is said to optimize demand response, storage, and utility-scale renewables generation. The company said that the investment will allow the development of its AI platform, both globally and to local utilities and grid operators.
Michael Phelan, CEO and co-founder of GridBeyond, said: “The newly completed financing found sets GridBeyond on the path to increase the reach of our intelligent energy platform and deliver world leader AI and powerful automation capabilities to smart grid and energy markets across the world.”
The funding will also facilitate GridBeyond’s planned expansion of its US business and deliver its electric vehicle (V2G) and demand response (DR) offerings to the US.
The company added the technology will bridge the gap between distributed energy resources and the requirements of the power grid.
Figures published last year showed the power grid in Ireland was facing struggles and the energy demand of data centers has been scrutinized amidst an ongoing de facto memorium.
GridBeyond acquired Veritone Business Energy last year and currently has locations in Toronto, Canada; Houston, Texas; Dublin and Cork, Ireland; and London, England.
