The deal between GridBeyond and London-based fund Claret Capital will allow the renewable energy technology company to expand into more international markets.
GridBeyond, a Dublin-based company specializing in technology for the renewable energy sector, has entered into a debt financing agreement worth €6 million. The funding round, carried out by Claret Capital, will contribute to the company’s international expansion strategy.
Over the past few years, GridBeyond has already expanded into the United States, Japan, and Australia, among other international markets.
The company has grown revenue by an average of 75% per year over the past two years and expects further revenue growth of 85% in 2023. Its latest funding increase brings its total capital raised to $16 million. euros. Besides London-based pan-European investors Claret Capital, its other backers include Energias de Portugal, Electricity Supply Board, Total Carbon Neutrality Ventures and Act Venture Capital.
According to GridBeyond COO Richard O’Loughlin, the company is “at an exciting time in its evolution” and has “moved rapidly over the past few years”.
He added that the funding agreement with Claret Capital would further enable GridBeyond to “strengthen our market position and provide new opportunities for our customers not only to build their energy resilience and mitigate high and volatile energy costs , but also to achieve savings that can be further invested in actions that support their own net zero transition.
GridBeyond has been commercialized since 2010. Its technology uses AI and data science to optimize energy generation and storage and is used by customers ranging from electric vehicle fleet operators to utility generators and storage operators. energy to maximize revenue and savings. The company also provides consulting services in the field of renewable energy.
In response to the energy crisis, GridBeyond has developed a new hedging and trading product which can be offered as a complement to its financed energy storage offer.
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