Cleantech software startup Gridcog today announced it has secured £3.3 million in funding.
Gridcog has developed a clean energy simulation and tracking platform. It enables companies investing in clean energy projects – from large-scale solar to EV charging and more – to determine which solution is best for their commercial and market needs.
Investing with certainty in the energy transition requires considering many highly dynamic technical, physical, financial, and market considerations.
Before Gridcog, companies looking to make these investments had no choice but to depend on an array of specialist tools, spreadsheets, and expensive consultants.
Even the most sophisticated of these approaches couldn't handle the inherent complexity of today's energy projects, leading to slower, higher-risk investment decisions that were opaque and prone to error.
With Gridcog, companies get a holistic view of their energy resources, including solar, wind, battery storage, EV fleets and charging infrastructure, and flexible loads across multiple sites and energy markets.
Gridcog's platform helps users assess how existing solutions perform, simulate the impact of market and project changes, and – thanks to live feeds of energy prices and other market considerations – see how their projects stack up in multiple commercial scenarios.
Gridcog helps firms quickly, transparently, and accurately model and test the most economically viable solutions for even the most complex projects across the entire energy value chain.
Shell, Mitie, and EY use Gridcog to manage multi-asset, multi-site projects across the UK, Europe, Australia, New Zealand, and Japan.
According to Pete Tickler, co-founder of Gridcog:
"The common thread between all our clients is a desire to invest in the energy transition. They want to play a role in building a more sustainable energy future, yet are facing hurdles at almost every turn.
Exactly what assets they're investing in varies, but the problem is the same: with hundreds of ways a project could be developed, which is best?
Identifying the winning play requires sophisticated techno-economic modelling, which only Gridcog provides, while removing the complexity, costs, and confusion around these investments".
Genna Boyle, Director of UK and Europe, added:
"Energy projects are much more complicated than many people realise, particularly when you have multiple technologies interacting with dynamic energy markets, and our simulation and optimisation technology helps the leaders investing in the transition to navigate this complexity."
The funding led by AlbionVC will see Gridcog double down on its expansion across the UK and Europe following a year of five-fold revenue growth in these regions.
Adam Chirkowski, Investment Director AlbionVC, shared:
"Gridcog's technology is a game-changer, essential for accelerating investment into clean energy projects, especially when traditional tools fall short in addressing the increasingly technical and commercial complexities of energy project investment."
Lead image: Gridcog. Artist: uncredited.
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