GridBeyond announced it has successfully closed an $86.22 million (EUR 52.25 million) funding round with the new finances to support its international expansion and continue the development of its intelligent energy platform that allows for the optimisation of distributed and flexible energy resources.
“It will enable us to enhance our technological capabilities and reinforce our leadership in grid edge virtual power plant (VPP) solutions worldwide,” the company said. “In Australia, this financial boost supports our growth in both the National Electricity Market (NEM) and Western Electricity Market (WEM).”
GridBeyond uses artificial intelligence (AI) and data to provide demand response, VPP services, and generation and storage asset optimisation for renewable energy sources across the grid both in front and behind the meter.
The Dublin-based company, which entered the Australian market in 2022 and has more than 900 client sites worldwide, said its technology bridges the gap between distributed energy resources and the requirements of the power grid.
“It enables stakeholders across the energy value chain, from generators and network operators to end users, to optimise energy use for price and carbon footprint,” the company said.
“For stakeholders in Australia it means they can enhance asset utilisation with a focus on maximising revenue generated from physical assets such as flexible load to provide demand response, energy storage, and renewables generation.”
GridBeyond co-founder and Chief Executive Officer Michael Phelan said Australia has emerged as a key market for the company due to its high level of renewable energy integration and the advanced state of its energy market deregulation.
Phelan said the new funding will allow the company to expand its product offering and increase its local presence.
“Our presence on the east coast has already shown significant potential, and with this new funding, we aim to expand our reach, team, and further our impact within Australia,” he said.
The company’s round was led by Alantra’s energy transition fund, Klima, with participation from new and returning investors Energy Impact Partners, Mirova, Act Venture Capital, ABB, Constellation and Yokogawa Electric Corporation.
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