Energy Startup GridBeyond Completes €52 Million Investment Round

GridBeyond, a smart energy company, successfully closed a €52 million Series C funding round led by Klima and Alantra's Energy Transition Fund to accelerate expansion and R&D.

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The round attracted significant investors including Energy Impact Partners, ABB, Mirova, Constellation, and Yokogawa Electric Corporation, along with current investor Act Venture Capital.

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The funds will boost GridBeyond's artificial intelligence capabilities and solidify its leadership in Grid Edge Virtual Power Plant (VPP) services

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GridBeyond aims to penetrate more international markets, focusing on increasing renewable energy use, adapting to regulatory changes, and targeting the US market

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Michael Phelan, CEO and co-founder, is optimistic about using the new funds to expand product offerings and maintain leadership in transforming global energy networks

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In 2023, GridBeyond achieved key milestones like expanding its team, acquiring Veritone Business Energy, and launching new products.

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The company has experienced a strong average annual revenue growth of 70% and expects to continue this trend in 2024.

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Bastien Gambini of Klima highlighted GridBeyond's market dominance in the VPP sector and supports its efforts towards helping clients achieve net-zero carbon goals.

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The funding reinforces GridBeyond's commitment to advancing clean energy solutions and aiding the energy sector's transition to a more sustainable future.

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