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Posted 1 month ago | 3 minute read
GridBeyond secures €6m investment from Claret Capital to support smart energy expansion
GridBeyond, the leader in intelligent energy technology, has agreed a debt financing facility of €6m led by Claret Capital (Claret Capital Partners Limited), to support the Irish headquartered company’s continued internationalisation plans.
In the last three years, GridBeyond has expanded into several markets including North America, Japan and Australia. The company has grown revenue by an average 75% per annum over the last two years and is expecting a further 85% revenue growth in 2023. The funding will be used to support GridBeyond’s expansion plans and bolster its team. The latest round of funding brings the Dublin-headquartered scaleup’s total capital raised to €16m, from existing investors Energias de Portugal (EDP), Electricity Supply Board (ESB), Total Carbon Neutrality Ventures and Act Venture Capital.
The latest agreement comes only a few months after the London-based Pan-European growth capital provider, announced the final closing of the Claret European Growth Capital Fund III (‘Fund III’), totalling €297m and extending Claret Capital’s position as one of the leaders within the European growth lending sector. The Claret Capital funds invests in scaling companies that are built on innovative technologies and have strong potential with proven market traction. Claret Fund III benefits from the support of ISIF and Allied Irish Banks, amongst other institutional investors too.
GridBeyond provides a powerful combination of technological excellence and deep domain expertise in energy markets, which enable it to support the wider electricity grid to integrate more volatile renewables and make the leap to a greener future by managing and optimising distributed flexible assets.
GridBeyond Chief Operating Officer Richard O’Loughlin commented:
David Bateman, Managing Partner of Claret, added:
In response to the energy crisis, most recently GridBeyond has developed a new hedging and trading product which can be offered alongside its funded energy storage offering.
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