GridBeyond, an Ireland-based startup specializing in AI-driven energy technology, has secured $52 million in funding to support its expansion into the US market. 

GridBeyond, an Ireland-based startup focused on AI-driven energy technology, has raised $52 million to expand into the US market. This funding will support its growth and help address the increasing demand for innovative energy solutions in the US, leveraging artificial intelligence to optimize energy usage.

Dublin-based GridBeyond is addressing the significant role of energy consumption in climate change by offering smart energy technology solutions. The company has secured €52 million in Series C funding led by Alantra’s Energy Transition Fund, Klima, along with investments from Energy Impact Partners, Mirova, ABB, Constellation, Yokogawa Electric Corporation, and Act Venture Capital. GridBeyond's intelligent energy and smart grid platform enable distributed energy resource management, contributing to the reduction of greenhouse gas emissions. This funding follows a €6 million debt financing round in 2022.

Sets sights on a carbon-neutral future.

The funding will help advance GridBeyond's technology and solidify its position as a leader in Grid Edge Virtual Power Plant (VPP) solutions globally. It will allow the company to enhance its capabilities in optimizing assets like demand response, storage, and renewables, aiding grid operators and local utilities in maximizing the utilization of flexible assets and low-carbon technologies. Furthermore, it will support GridBeyond's expansion into new international markets, including the US, facilitating the deployment of its storage, EV (V2G), and demand response offerings in regions with high renewable energy penetration.

Utilizes artificial intelligence in energy storage.

Founded by Michael Phelan and Richard O’Loughlin, GridBeyond utilizes artificial intelligence to collaborate with customers, optimizing energy generation, demand, and storage to drive towards a zero-carbon future. It maximizes the potential of connected assets, including renewables generation, battery storage, and energy demand load, bridging the gap between distributed energy resources and grid requirements. This enables stakeholders to optimize energy use for price and carbon footprint, unlocking new revenues, savings, and resilience while supporting the transition to a net-zero future.

In 2023, GridBeyond expanded its presence across all deregulated markets in the USA, acquired Veritone Business Energy, launched a suite of new products, and doubled its global team's size. Over the last three years, the company has consistently increased its annual revenue by an average of 70% per year, with a similar growth forecasted for 2024.

Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond, expressed, “The recently concluded financing round positions GridBeyond to extend the reach of our intelligent energy platform and provide world-leading AI and robust automation capabilities to smart grid and energy markets globally. This aligns with our goal to advance the transition of global energy networks towards digitalization, decarbonization, and decentralization, while enhancing commercial and operational benefits for market participants through rapid automation and optimization of flexible demand, storage, and distributed generation.”

Bastien Gambini, Managing Partner of Klima, emphasized, “GridBeyond has solidified its position as a VPP leader in various countries, empowering stakeholders across the value chain to optimize energy. We are excited to back the company's expansion and its supplementary services designed to assist customers in their journey towards achieving net-zero carbon.”

Source: techfunding news