Smart energy provider to double in size after £9m funding round

Josh Peachey's picture
by Josh Peachey

GridBeyond, a London-based smart energy provider, is to use the funding from their recent £9m funding round to double its workforce and push new sector-facing R&D.

The latest round will help support major scale up and international expansion, and was led by Energias De Portugal, the Portuguese electric utility company working in the renewable energy sector.

Other investors include Act Venture Capital, Electricity Supply Board and Total Carbon Neutrality Ventures.

Within the next three years, GridBeyond aims to double its workforce whilst driving innovation in smart grid markets. 

It will also go towards increasing market share and establishing operations in new locations. 

Michael Phelan, Chief Executive and co-founder at GridBeyond, said: “The newly completed financing supports our ambition to advance the transition of the global energy networks towards digitalisation, decarbonisation, and decentralisation.

“All the while, we’ll enhance commercial and operational benefits for market participants through fast-acting automation and optimisation of demand and distributed generation.

“The new investment supports the business’ plans to further develop our award-winning energy technology platform, Point, and expand into new markets. We’re looking forward to implementing the next stages of our development and accelerating our business growth plans.”