Spanish Plexigrid wants to tackle the surge of demand on electrical grids by increasing and decreasing supplies to make grids work more efficiently. The Gijon-based climate tech start-up has raised a €4.5 million in an oversubscribed seed round.
"There is huge potential in utilising existing grid infrastructure more efficiently. With Plexigrid's solution, in combination with the expansion of fossil-free energy sources, we can accelerate electrification and the green transition," says Carl-Erik Lagercrantz, CEO of Vargas Holding, investors in the round.
Plexigrid’s AI software helps electric grid operators to automatically adjust people’s energy consumption according to usage in their area - increasing electricity supply to users when demand is low, and decreasing supply when there’s demand to prevent bottlenecks on the grid.
It claims by “flattening the curve” of energy consumption it can reduce grid costs by 35 to 40 percent.
Investors in the Seed round include Swedish Polar Structure, Vargas Holding, and TheVentureCity. It claims it 'received a strong valuation' but disclosed no figures.
"Two years ago, we made the decision to support this extraordinary effort and the A-team that we believe has the vision and capacity to solve one of the largest challenges of the energy transition. Now Plexigrid is being recognised as a thought and technology leader in its segment. The decision to renew our investment was unanimous," says Andrés Dancausa, Managing Partner for EMEA at TheVentureCity.
"Unlike most people raising capital right now, we have had the opportunity to carefully choose who will own this company. We have brought in long-term players who have extensive experience of the energy transition and understand the need to adapt and streamline electricity networks around the world," says Alberto Méndez Rebollo. co-founder and CEO of Plexigrid.