Dublin based scale-up GridBeyond has secured funding led by Claret Capital. It comes in the form of debt financing from Claret European Growth Capital Fund III – the lenders are well-rehearsed in supporting European SMEs.
GridBeyond will be using the funds to further expand international operations of their intelligent energy technology offering which recently included expanding into to North American, Japanese and Australian markets.
This latest injection has totted the Irish company’s total funding to date up to €16 million. Notable investors include Irish electricity company ESB (Electricity Supply Board), and Portugal’s Energias de Portugal (EDP), they are also supported by Act Venture Capital and Total Carbon Neutrality Ventures.
“We are delighted to be working with Claret Capital. GridBeyond is at an exciting juncture in its evolution, scaling rapidly over the last number of years with a further 85% forecast revenue growth in 2023,” said GridBeyond COO, Richard O’Loughlin.
GridBeyond will also be expanding its team.
“This partnership, enables us to continue apace with our global expansion plans. It will also further allow the company to strengthen our position in the market and provide new opportunities to our customers not only to bolster their energy resilience and mitigate against high and volatile energy costs, but to make cost savings that can be further invested into actions that support their own net zero transition,” said O’Loughlin.
GridBeyond has developed a new hedging and trading product which can be offered alongside its funded energy storage offering, its response to the energy crisis.
“Helping transform energy into revenue opportunities for businesses, the team at GridBeyond blends problem solving with ground breaking technology. Their exponential growth impressed us and we’re excited to join Michael, Richard and the team with the newly launched Claret Capital fund and look forward to supporting them on their growth journey as they continue to drive change in the energy sector,” said David Bateman, Managing Partner of Claret.