GRIDBEYOND
GridBeyond, the leading intelligent energy and smart grid platform provider for distributed energy resource management, has closed its €52M Series C financing round. The round was led by Alantra’s Energy Transition Fund, Klima.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240415760197/en/
GridBeyond closes €52M Series C funding round to continue its platform evolution and invest in new & existing markets. (Graphic: Business Wire)
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.
Since its foundation in 2010, GridBeyond has been developing its AI platform to help businesses unlock the full potential of energy assets, ensuring the sustainability, resilience, and affordability of energy as the world moves towards a zero-carbon future.
GridBeyond’s technology unleashes the latent power within every connected asset, including utility-scale renewables generation, battery storage, and energy demand load. This 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.
The funding will be used to further evolve GridBeyond’s technology and demonstrate its leadership in Grid Edge Virtual Power Plant (VPP) worldwide. It will enable GridBeyond to build on its capability in optimising assets like demand response, storage and renewables and support grid operators and local utilities to maximise the use of flexible assets and low-carbon technologies rapidly integrating into the system through the electrification of heat and transportation.
Finally, it will facilitate GridBeyond’s growth into new international markets as regulatory environments and renewable penetration levels progress. It will also facilitate expansion of its US business and support delivery of its world leading Storage, EV (V2G) and DR offerings across US & other deregulated markets with high renewable penetration levels which is already well underway. This growth is driven by the increasing need for flexibility to achieve the zero-carbon future the company strives to deliver.
Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond, commented:
“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.”
In 2023, GridBeyond expanded its team across all deregulated markets in the USA, acquired Veritone Business Energy, launched a suite of new products and doubled the size of its team globally. In addition, in the last three years the company has been increasing its annual revenue on average by 70% per year with a forecast of further similar growth in 2024.
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 advisor.
About GridBeyond
GridBeyond is a smart energy company led by Michael Phelan and Richard O’Loughlin. By leveraging AI, we innovate and collaborate with our customers to create optimal value from energy generation, demand and storage to deliver a zero-carbon future. By bridging the gap between distributed energy resources and electricity markets, GridBeyond’s technology means every connected asset – whether utility-scale renewables generation, battery storage, or energy demand load – can be utilized to help maximize opportunities and enhance the grid. By intelligently dispatching flexibility into the right market, at the right time, asset owners and energy consumers unlock new revenues and savings, resilience, and management of price volatility, while supporting the transition to a Net Zero future.
For more information, visit www.gridbeyond.com.
About Alantra and Klima Energy Transition Fund
Alantra is an independent global mid-market financial services firm providing investment banking, asset management, and private capital services. In Alternative Asset Management, Alantra offers its clients unique access to a wide range of investment strategies in five highly specialized asset management classes (private equity, active funds, private debt, energy, and venture capital). As of 31 December 2023, assets under management from consolidated and strategic businesses stood at €15.6bn.
Alantra’s Energy Transition fund, Klima, is a 210M€ late-stage VC fund. Alongside Enagas, as cornerstone investor, Klima is backed by relevant investors such as the European Investment Fund, Axis ICO and CPPI. Klima partners with companies located in Europe and North America that have high growth potential in sectors such as smart power grids and markets, energy storage and technologies.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240415760197/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Qualcomm Announces Quarterly Cash Dividend17.1.2025 15:00:00 CET | Press release
Qualcomm Incorporated (NASDAQ: QCOM) today announced a quarterly cash dividend of $0.85 per common share, payable on March 27, 2025, to stockholders of record at the close of business on March 6, 2025. About Qualcomm Qualcomm relentlessly innovates to deliver intelligent computing everywhere, helping the world tackle some of its most important challenges. Our proven solutions drive transformation across major industries, and our Snapdragon® branded platforms power extraordinary consumer experiences. Building on our nearly 40-year leadership in setting industry standards and creating era-defining technology breakthroughs, we deliver leading edge AI, high-performance, low-power computing, and unrivaled connectivity. Together with our ecosystem partners, we enable next-generation digital transformation to enrich lives, improve businesses, and advance societies. At Qualcomm, we are engineering human progress. Qualcomm Incorporated includes our licensing business, QTL, and the vast majority
Jefferies Clients, Shareholders and Employees Contribute $10 Million to Charities Supporting Los Angeles Wildfire Relief17.1.2025 14:00:00 CET | Press release
Jefferies announced today that it will donate $10 million to charities providing aid for first responders and the people and communities impacted by the wildfires across Los Angeles. The donation includes funds from Jefferies, voluntary contributions from its nearly 6,000 worldwide employees, and proceeds from the firm’s January 16 Doing Good Global Trading Day, which set aside 100% of net global trading commissions for charities. Rich Handler, CEO, and Brian Friedman, President of Jefferies, said: “We are so grateful for how the Jefferies network stepped up to support those in need in Los Angeles. These wildfires have inflicted heartbreaking devastation on communities and so many families, and we hope this donation will help deserving charities provide urgently needed relief.” Organization Charity Description Allocation Los Angeles Fire Department Foundation The LAFD is actively seeking funds to equip LAFD members battling wildfires with tools and supplies. $2,000,000 All Hands and He
SLB Announces Fourth-Quarter and Full-Year 2024 Results, Increases Dividend and Initiates $2.3 billion in Accelerated Share Repurchases17.1.2025 12:50:00 CET | Press release
Fourth-quarter revenue of $9.28 billion increased 1% sequentially and 3% year on year Fourth-quarter GAAP EPS of $0.77 decreased 7% sequentially but was flat year on year Fourth-quarter EPS, excluding charges and credits, of $0.92 increased 3% sequentially and 7% year on year Fourth-quarter net income attributable to SLB of $1.10 billion decreased 8% sequentially and 2% year on year Fourth-quarter adjusted EBITDA of $2.38 billion increased 2% sequentially and 5% year on year Fourth-quarter cash flow from operations was $2.39 billion and free cash flow was $1.63 billion Board approved a 3.6% increase in quarterly cash dividend to $0.285 per share Full-year revenue of $36.29 billion increased 10% year on year Full-year GAAP EPS of $3.11 increased 7% year on year Full-year EPS, excluding charges and credits, of $3.41 increased 14% year on year Full-year net income attributable to SLB of $4.46 billion increased 6% year on year Full-year adjusted EBITDA of $9.07 billion increased 12% year o
Perpetual Atomics and QSA Global Sign Collaboration Agreement17.1.2025 11:03:00 CET | Press release
Perpetual Atomics Ltd has partnered with QSA Global, Inc. (USA) to process americium into sealed sources for radioisotope power systems, enabling transformative nuclear technology for future space missions. Perpetual Atomics is excited to announce this collaboration, which will enable the processing of americium into sealed sources for use in radioisotope power systems, including radioisotope heater units (RHUs) and radioisotope thermoelectric generators (RTGs). This partnership is another step toward supporting sustainable and reliable power solutions for some of the most challenging environments in space. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250107229344/en/ Perpetual Atomics Team gathered at the University of Leicester (Photo: Business Wire) A University of Leicester spinout, Perpetual Atomics brings over 20 years of expertise in space nuclear power systems and exploration, delivering innovative, reliable soluti
KKR and Gulf Data Hub Form Strategic Partnership to Scale One of the Middle East’s Largest Independent Data Center Platforms17.1.2025 09:40:00 CET | Press release
Strategic partnership between a leading global investment firm and a leading UAE business with a regional footprintKKR and GDH are committing to support over $5 billion of total investment to build-out data center capacity, supporting the significant rise in hyperscale demand, AI and digital-focused national priorities across the Gulf countriesFirst data center investment for KKR in the Middle East, adding to KKR’s unique global portfolio of four hyperscale platforms comprising several GW of deployed assets across 100+ facilities Gulf Data Hub (“GDH” or the “Company”), one of the largest independent data center platforms in the Middle East focused on serving hyperscale demand across the Gulf countries, and KKR, a leading global investment firm, today announced that funds affiliated with KKR will acquire a stake in GDH. The investment, which is subject to customary regulatory approvals, is being made through KKR’s Global Infrastructure strategy. This press release features multimedia. V
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom