Energy tech firm GridBeyond has clinched £9 million in its latest funding round, with investments from the likes of ESB and Total.
Portuguese utility EDP was the lead investor, with other investments coming from ESB, Act Venture Capital and Total Carbon Neutrality Ventures, the venture capital arm of the Total Group.
The Series B financing round is to support the further expansion of GridBeyond’s business offerings, increase its market share and establish operations in international markets, with the company currently operating in the UK and Ireland.
GridBeyond intends to double its workforce in the next three years, as well as increase its R&D in a bid to strengthen its position in driving innovation and advancement in smart grid markets.
The company has previously partnered Electricity North West (ENW) to offer demand-side response to 900 businesses within the DNO’s area, as well as partnering Drax-owned Haven Power for DSR services.
Michael Phelan, chief executive and co-founder at GridBeyond, said the funding will help the company increase the reach of its intelligent energy platform.
“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 demand and distributed generation.”
ESB – the Irish state utility – has made a previous investment into GridBeyond in 2016.
Brian Ryan, strategy manager at ESB, said that the relationship between the two companies has allowed ESB’s Smart Energy Services division to leverage from GridBeyond’s “cutting edge technology”.
Meanwhile, Total this week announced its intentions to install 20,000 new public electric vehicle chargers across the Netherlands after winning what it claims is Europe’s largest concession contract from the Metropolitan Region of Amsterdam Electric.
