Partnership allows us to keep pace with global plans
GridBeyond, the leader in smart energy technology, has agreed a €6 million debt financing facility led by Claret Capital, to support the Irish-headquartered company’s continued internationalization plans.
Over the past three years, GridBeyond has expanded into multiple markets including North America, Japan and Australia. The company has grown revenue by an average of 75% per year over the past two years and expects further revenue growth of 85% in 2023. The funding will be used to support GridBeyond’s expansion plans and strengthen his team. The latest funding round brings the Dublin-based scale-up’s total capital to €16 million, from existing investors Energias de Portugal (EDP), Electricity Supply Board (ESB), Total Carbon Neutrality Ventures and Act Venture Capital .
The latest deal comes just months after the London-based pan-European growth capital provider announced the final closing of Claret European Growth Capital Fund III, totaling €297 million and strengthening Claret Capital’s position as the one of the leaders in the European market. growth lending industry. The Claret Capital fund invests in scalable companies that leverage innovative technologies and have strong potential with proven market traction. Claret Fund III is supported by ISIF and Allied Irish Banks, among other institutional investors.
GridBeyond offers a powerful combination of technological excellence and deep energy markets expertise, enabling it to support the wider power grid to integrate more volatile renewables and leapfrog into a future greener by managing and optimizing distributed flexible assets.
In response to the energy crisis, GridBeyond has developed a new hedging and trading product which can be offered as a complement to its financed energy storage offer.
“GridBeyond is at an exciting time in its evolution, evolving rapidly over the past few years with an expected further 85% revenue growth in 2023,” said Richard O’Loughlin, Chief Operating Officer of GridBeyond. “This partnership allows us to pursue our global expansion plans. It will also allow the company to strengthen its market position and provide new opportunities for our customers to not only build their energy resilience and mitigate high and volatile energy costs, but also to realize cost savings that can be invested more in stocks that support their own net zero transition.
David Bateman, Managing Partner of Claret, added: “Helping to turn energy into revenue opportunities for businesses, the GridBeyond team combines problem solving with breakthrough technology. Their exponential growth has impressed us and we are delighted to join Michael, Richard and the team with the new Claret Capital fund and look forward to supporting them on their growth journey as they continue to drive change in the industry. energy.