Smart energy provider set to double workforce following £9m funding round
An intelligent energy and smart grid platform provider will use a recently closed funding round to double its workforce and drive new sector-facing R&D.
GridBeyond has received investment totalling £9m from a number of partners to support a major scale up and international expansion. The leading investor in the round was Energias De Portugal, the Portuguese electric utility company working in the renewable energy sector.
The funding will be used to expand GridBeyond’s business offerings, increase market share and establish operations in new territories. The company plans to double the workforce within the next three years and increase research and development to drive innovation and advancement in smart grid markets.
Additional investors including Irish venture capital firm, Act Venture Capital; Electricity Supply Board, an Irish utility service; and Total Carbon Neutrality Ventures, the venture capital arm of Total Group which supports technologies and solutions for companies to reduce their carbon footprint.
Michael Phelan, chief executive and co-founder at GridBeyond, said: “The newly completed financing supports our ambition to advance the transition of the global energy networks towards digitalisation, decarbonisation, and decentralisation.
“All the while, we’ll enhance commercial and operational benefits for market participants through fast-acting automation and optimisation of demand and distributed generation.
“The new investment supports the business’ plans to further develop our award-winning energy technology platform, Point, and expand into new markets. We’re looking forward to implementing the next stages of our development and accelerating our business growth plans.”
Vera Pinto Pereira, CEO of EDP Commercial, said: “This investment is driven by our ambition to gain experience in managing flexibility in distributed assets and seek new energy products and services that meet the changing needs of the energy customer.”
Debbie Rennick, of Act Venture Capital, said: “The team at GridBeyond have an excellent combination of strong domain expertise and an innovative platform to maximise the opportunity. We are delighted to continue supporting them along the journey to become the global market leader.”
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