Portable battery systems provider Instagrid today announced a Series C funding round of $95 million.
Founded in 2019, German company Instagrid provides a sustainable alternative to the fossil fuel generators used to power mobile work in construction, film, events and emergency services.
Instagrid's flagship Instagrid ONE, is lightweight and mobile enough to be used in the most remote locations and powerful enough to match the grid's performance, making it possible to use electricity from renewable sources in any location.
On a single charge, the Instagrid ONE portable battery is powerful enough to run welding equipment for an entire day's work, pump over 55,000 litres of water with a large submersible pump or cut through hundreds of metres of concrete with heavy-duty equipment as well as a host of other commercial applications.
Instagrid products boast zero exhaust emissions, and up to 97 percent lower carbon footprints, and 82 percent lower lifetime costs compared to generators.
The company has shipped nearly 30,000 units of its flagship product in 29 countries since it launched two years ago.
Its customers span sectors including construction, the film industry, events and media, and emergency services. Notable instagrid customers include Skanska, Loxam (Europe's leading construction rental company), Swiss Federal Railways, and the Red Cross. Users can also rent an Instagrid unit at locations across Europe.
Instagrid will have more than doubled revenues in 2023 and will use the funding to continue its growth by entering the North American market, increasing production, and expanding its range of mobile power solutions to decarbonise off-grid power.
As part of its North American expansion, Instagrid has hired US CEO Rich Romer and plans to open offices, hire across divisions, and launch new products for use in the United States and Canada.
Instagrid co-founder and co-CEO Dr Sebastian Berning:
"Our innovative products have already proven themselves in the market to customers across Europe, and our portable batteries' environmental and health benefits over combustion generators have been demonstrated.
Thanks to our unique, proprietary technology, we are sector-leading and peerless in terms of reliability, power, and durability.
Our products are significantly more compact, powerful, and mobile than other battery systems.
Securing funding from such long-term strategic and experienced partners reflects our strong momentum and will enable us to build on the technology that underpins our success and bring more category-defining products to the market in the near future."
Instagrid co-founder and co-CEO Dr Andreas Sedlmayr:
"We founded Instagrid to decarbonise off-grid power and make it available to anyone, anywhere, anytime.
Having worked for several years in the battery industry, we saw a crucial gap in the market - numerous portable batteries catered to camping and leisure, but what was missing was a powerful and scalable portable battery solution for professionals.
Our customers are leading the way by replacing their combustion generators with Instagrids to increase efficiency, cut down operating costs, and provide pollution-free workplaces.
We are thrilled to be joined by two leading global investors whose support will enable us to expand our global footprint by putting our technology in the hands of even more people."
The round was led by Teachers' Venture Growth (TVG), with participation from Morgan Stanley Investment Management's (MSIM) 1GT climate private equity strategy.
Avid Larizadeh-Duggan, Senior Managing Director and Head of TVG in EMEA:
"More than 50 million small, non-road combustion engines are built each year – almost all of these should be replaced by battery systems which are lower carbon, lower total cost, and create a far better work environment for operators.
Instagrid is making this transition possible, for the first time, by engineering battery systems that outperform gas generators' peak power, making renewable energy accessible to businesses en masse.
We're delighted to partner with Sebastian, Andreas, and the team and welcome Instagrid to our portfolio."
Vikram Raju, MSIM's Head of Climate Private Equity Investing and 1GT, shared:
"Reducing emissions in highly CO2 intensive sectors like construction and logistics are squarely in focus for Morgan Stanley's 1GT fund.
With Instagrid, we are fortunate to have found the opportunity to back a visionary team with a game-changing technology and a compelling growth trajectory."
As part of the investment round, Kieran Mahanty, TVG's climate lead for EMEA, will join Instagrid's Board. To date, Instagrid has raised more than $ 145 million.
Lead image: Istagrid. Photo: uncredited.