Gorilla, a clean energy provider of data-driven solutions, has closed €23 million (~$25 million) in a Series B funding round led by global venture capital firm Headline, with existing investors including Beringea and the Flemish investment company PMV.
Gorilla offers solutions for utility companies to help maximize efficiency, understand energy portfolios increasingly influenced by distributed energy resources such as solar panels, wind turbines, and battery storage, ensure operational stability, and develop pricing strategies based on individual usage patterns.
The company has been working with energy retailers in the U.K., Germany, Australia, and the U.S. It will use this funding to further expand into the U.S. and German markets.
“This funding supports our expansion into major markets like the U.S. and Germany, where the energy landscape is rapidly evolving and seeing increasing demand for data-driven solutions. Take Texas, for example—electricity prices in Houston have risen by nearly 16% over the past year, with Texans paying twice as much for electricity compared to pre-pandemic prices. Since 2022, prices have remained volatile despite the low cost of the natural gas that powers much of the grid, meaning consumers have continued to experience instability in delivered prices for residences.” stated Ruben Van den Bossche, Co-founder and CEO of Gorilla.
According to Mercom’s Q1 2024 Funding and M&A report for Storage & Smart Grid, Smart Grid VC funding increased 134% in Q1 2024, with $656 million raised in 12 deals compared to $280 million in 14 deals in Q1 2023. In a QoQ comparison, funding in Q1 2024 was 197% higher compared to Q4 2023, when $221 million was raised in 10 deals.
Verse, a clean energy management platform, recently raised $20.5 million in a Series A funding round led by GV (Google Ventures) with participation from Coatue, CIV, and MCJ Collective. According to Verse, the combination of escalating costs, increased demand, stringent regulations, and expensive procedures is creating a sense of urgency and introducing new challenges that existing solutions and corporate buyers of clean energy are struggling to address.
