Irish headquartered global energy optimisation outfit GridBeyond has successfully closed a €12 million (roughly $A20 million) fundraising round, backed by a range of heavy hitting investors including newcomer, South Korea-based giant Samsung Ventures.
GridBeyond said on Wednesday that Samsung jumped in on the equity round alongside existing shareholders, including Alantra’s Energy Transition Fund, Klima, Energy Impact Partners, Mirova, ABB, Constellation Technology Ventures, Act Venture Capital.
The smart energy tech outfit says the funding will accelerate its expansion across key strategic markets, including Australia, while enabling continued investment in the evolution of the company’s optimisation platform for distributed energy assets.
GridBeyond says it will also work closely with Samsung to explore opportunities across trading, asset optimisation and energy services.
Samsung Ventures says GridBeyond technology, which enables real-time orchestration of distributed energy assets, has achieved global traction in a rapidly evolving energy landscape.
“Their ability to deliver real-time demand response, optimise renewable and battery assets, and enable intelligent energy trading across markets such as the United States, Australia, and Japan positions them as a key enabler of smarter energy systems and greater grid resilience,” a spokesperson for Samsung Ventures said.
“We are pleased to invest in a company developing technologies that accelerate decarbonisation and support a more sustainable and digitised world.”
Richard O’Loughlin, deputy CEO at GridBeyond, says securing Samsung as an investor and collaborator is a tribute to GridBeyond’s world leading integrated optimisation platform.
“Samsung’s deep expertise in renewable asset and battery development, EPC, energy technology, and trading experience complements our platform and accelerates our ability to deliver highly reliable, market-ready optimisation and trading solutions at global scale,” O’Loughlin says.
“This partnership will deliver world-leading products for renewable and battery developers, enabling greater asset value, improved grid stability, and faster progress toward a decarbonised energy system,” GridBeyond CEO Michael Phelan added.
Goldwind's John Titchen explains why and how all new wind turbines could come with their…
Australia’s biggest energy retailer reports significant dip in gas sales, as customer demand falls and…
The energy ministers of Australia's two most coal dependent states come face to face. One…
The CIS has not worked. But the capacity it was designed to procure is needed…
Federal government's green bank expands partnership with big-four bank offering discounted finance for business to…
Fortescue says it can build green power for data centres and other energy users faster…