GridBeyond Secures €12 Million in Equity Round Led by Samsung Ventures
GridBeyond, a company specializing in AI-driven energy optimization, has announced a €12 million equity funding round led by Samsung Ventures. This round also saw participation from existing investors such as Alantra’s Energy Transition Fund, Klima, Energy Impact Partners, Mirova, ABB, Constellation Technology Ventures, and Act Venture Capital. The funding will be used to expand GridBeyond's AI-powered platform globally.
Expanding Global Reach
The fresh capital injection is set to support GridBeyond's expansion into key international markets, including the UK, Ireland, the United States, Japan, and Australia. The company, co-founded by Chief Executive Michael Phelan and Deputy CEO Richard O' Loughlin, focuses on transforming energy into opportunity. Their platform helps businesses increase revenues, cut costs, and enhance sustainability while aligning with net zero targets.
Advanced Energy Optimization
GridBeyond's technology enables real-time orchestration of distributed energy resources such as renewable generation, battery storage, and industrial demand. By using AI-driven forecasting and optimization, the platform allows participation in energy markets, including energy arbitrage, frequency response, and capacity services. This helps manage asset-level constraints and degradation, thus providing a comprehensive solution for energy asset owners and consumers.
Strategic Collaboration with Samsung
This funding round not only brings financial backing but also paves the way for strategic collaboration with Samsung. GridBeyond plans to explore opportunities in energy trading, asset optimization, and energy services with Samsung, aiming to enhance grid stability and accelerate decarbonization. "We are delighted to welcome Samsung as both a shareholder and collaboration partner," said Michael Phelan. "Samsung’s expertise in renewable assets and energy technology complements our platform and accelerates our ability to deliver high-impact solutions."
Use of Funds
The new funding will primarily be allocated towards expanding GridBeyond's market presence in the targeted regions. The collaboration with Samsung will also focus on integrating their expertise in renewable asset and battery development with GridBeyond's software platform.
This strategic move is expected to not only advance GridBeyond's technological capabilities but also strengthen its position as a key player in the global energy optimization landscape.