Gridcog raises $14 million to scale energy modelling platform

Gridcog has raised a $14.33 million (USD 10 million) Series A round led by ABB and including support from Australia’s Clean Energy Finance Corporation (CEFC), with the funding allowing the company to expand its software offering used to model renewable energy, battery storage, electrification, and hybrid energy projects.

Founded in Australia in 2020 by current Chief Executive Officer Fabian Le Gay Brereton and Chief Product Officer Pete Tickler, Gridcog provides energy system modelling and optimisation software that helps developers, investors, utilities, and energy companies design, compare and validate energy projects with clear visibility on both cost and carbon impact from the earliest stages.

The company said the platform gives energy professionals one complete, transparent platform to model generation, storage, flexible load, grid constraints, network tariffs and market participation, across the full lifecycle of a project from first concept through to investment decision.

“Most modelling tools ask you to trust a number you can’t trace. Gridcog does the opposite: every assumption is visible, every result goes down to the interval, and it’s all backed by rigorous deterministic computational modelling and mathematical optimisation,” Le Gay Brereton said.

Gridcog said the platform has been used to model more than 16,000 energy projects across more than 40 countries with organisations utilising the platform to support decisions on project type, location, market and technology mix, including whether to pursue co-location, hybridisation, storage or ancillary market participation.

The company, which is now headquartered in London with offices in Berlin, Madrid, Perth, and Melbourne, said the new capital would enable it to scale to meet growing demand across more markets and asset types, and to invest in its modelling capabilities.

“The demand we’re seeing is global, from developers, utilities and energy majors who have outgrown the tools and processes that they started with and need something that works and is trusted across all their projects and markets,” Tickler said.

The round was led by ABB, with participation from Axpo, DNV Ventures and Verbund X Ventures. The CEFC and AlbionVC, both existing shareholders, also participated in the round.