GridBeyond, an energy and smart grid platform for distributed energy resource management, has closed €52 million (~$55 million) in Series C funding led by Alantra’s Energy Transition Fund, Klima.
The round also included new investors, including Energy Impact Partners, Mirova, ABB, Constellation, and Yokogawa Electric Corporation, along with existing investor Act Venture Capital.
The funding will be used to improve GridBeyond’s technology further, enabling the company to build on its capability to optimize assets like demand response, storage, and renewables and support grid operators and local utilities to maximize the use of flexible assets and low-carbon technologies.
The funding will also facilitate the growth and expansion of its U.S. business and support the delivery of its Storage, EV (V2G), and DR offerings across the U.S. and other deregulated markets.
In 2022, GridBeyond raised €6 million (~$5.8 million) in debt financing from Claret.
“We are delighted to complete this transaction. This funding, together with the support of our new partners, will enable us to expand our product offering and strengthen our leadership position in this space. This supports our ambition to advance the transition of the global energy networks towards digitalization, decarbonization, and decentralization”, says Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond.
Marathon Capital, an independent investment bank focused on the clean economy, served as financial advisor to GridBeyond, with Byrne Wallace as the company’s legal counsel and Mason Hayes & Curran (MHC) as the lead investor’s legal advisor.
According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, VC funding in the Smart Grid sector decreased 55% YoY, with $1.5 billion in 47 deals in 2023 compared to $3.3 billion in 46 deals in 2022.
Fever, a provider of an API-centric platform for virtual power plants, recently raised €10 million (~$10.7 million) in a seed funding round led by General Catalyst, with participation from previous investors, including La Famiglia and Norrsken VC.
