Sunday May 31, 2020

Energy tech firm GridBeyond expands into US market

The Irish smart grid business secured €10.5m in latest financing round

Daniel Murray

Business Reporter

@danieltmurray
3rd February, 2020
Co-founder Michael Phelan said: “There is a rising global demand for advanced automation technologies driven by the energy transition toward digitalisation, decarbonisation and decentralisation.”

Irish energy technology company GridBeyond has announced plans to expand into the US market just one week after it concluded a €10.5 million financing round.

The electricity grid tech company told the Business Post that its new office in Houston, Texas would have 50 employees within the next three years. It said the move marked an exciting entry into the world’s biggest market for energy grid management.

Dublin-headquartered GridBeyond is the European leader in smart grid technology for industrial, commercial and utility partners. Energy suppliers and users are provided with the ability to manage and control their energy demand responses, energy performance and costs via an award-winning AI smart grid platform known as Point.

The Point platform connects sources of electricity supply and demand across the grid and contributes to the balancing of an increasingly diverse and intermittent energy supply from cleaner renewable sources

The Enterprise Ireland-backed company secured €10.5 million in its latest financing round last month, including investments from the ESB, Act Venture Capital, Energias de Portugal and Total Carbon Neutral Ventures.

Speaking to the Business Post, chief executive and co-founder Michael Phelan said the expansion into the US was a significant moment for the company.

“By extending our business into the US, some of the world’s biggest producers and manufacturers across multiple industries will be able to benefit from fast-acting automation and optimisation. By managing energy-demand assets and distributed generation through our AI-driven intelligent-energy technology platform, businesses will see the benefits without impacting on their operations,” he said.

“Our expansion into the US marks a significant step forward in the growth of GridBeyond. There is a rising global demand for advanced automation technologies driven by the energy transition toward digitalisation, decarbonisation and decentralisation. This creates opportunities for further dynamic growth of our business,” he said.

Commenting on the ESB’s latest investment in the GridBeyond, ESB strategy manager Brian Ryan said its innovative technology was assisting the Irish utility in its transition to smart energy management.

“This relationship has allowed ESB’s Smart Energy Services division to leverage from GridBeyond cutting-edge technology as part of our overall portfolio of energy solutions to significantly reduce energy costs for large-scale energy users,” he said.

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