GridBeyond has agreed a debt financing facility of £5.28 million (€6 million) led by Claret Capital, to continue its international expansion and provide smart energy solutions.
The funding will be used to support GridBeyond’s expansion plans and also bolster its team to facilitate this expansion.
The latest round of funding brings the Dublin-headquartered scaleup’s total capital raised to £14 million (€16 million), from existing investors Energias de Portugal (EDP), Electricity Supply Board (ESB), Total Carbon Neutrality Ventures and Act Venture Capital.
“We are delighted to be working with Claret Capital. GridBeyond is at an exciting juncture in it’s evolution, scaling rapidly over the last number of years with a further 85% forecast revenue growth in 2023,” said Richard O’Loughlin, chief operating officer at GridBeyond.
“This partnership enables us to continue apace with our global expansion plans. It will also further allow the company to strengthen our position in the market and provide new opportunities to our customers not only to bolster their energy resilience and mitigate against high and volatile energy costs, but to make cost savings that can be further invested into actions that support their own net zero transition.”
The British energy technology company has already started its expansion into Japan thanks to a Memorandum of Understanding with engineering company and EPC contractor Chiyoda Corporation, revealed in August 2021.
As reported at the time, the two would collaborate on providing flexibility services to the Japanese electricity markets. To achieve this, the companies would utilise Chiyoda’s infrastructure resources along with GridBeyond’s software platform Point to allow industrial and commercial customers as well as generators, battery develops and other market stakeholders to participate in grid services including Demand Side Response.
Building off this successful expansion, GridBeyond then targeted Australia in April 2022, with the company having committed to providing AI-powered demand response, virtual power plant (VPP) services and generation and storage asset optimisation services, to allow C&I customers to play into Australia’s National Electricity Market.
Diogo Cabral, senior business development manager at GridBeyond stated at the time that the increasing number of extreme weather events in Australia over the past year has led to a political shift towards renewable energy, further strengthening the business case for GridBeyond.
The latest funding will enable further international expansion for GridBeyond and acquire the necessary expertise to grow the business around the globe.