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GridBeyond Secures €6m Investment from Claret Capital to Support Smart Energy Expansion

— October 27, 2022

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. 

GridBeyond, the leader in intelligent energy technology, has agreed to 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:

“We are delighted to be working with Claret Capital. GridBeyond is at an exciting juncture in it’s evolution, scaling rapidly over the last number of years with a further 85% forecast revenue growth in 2023. This partnership, enables us to continue apace with our Global expansion plans. It will also further allow the Company to strengthen our position in the market and provide new opportunities to our customers not only to bolster their energy resilience and mitigate against high and volatile energy costs, but to make cost savings that can be further invested into actions that support their own net zero transition.“

David Bateman, Managing Partner of Claret, added:

“Helping transform energy into revenue opportunities for businesses, the team at GridBeyond blends problem solving with groundbreaking technology. Their exponential growth impressed us and we’re excited to join Michael, Richard and the team with the newly launched Claret Capital fund and look forward to supporting them on their growth journey as they continue to drive change in the energy sector.”

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.

About GridBeyond

The transition to a Net Zero economy is driving significant change in the energy sector. From the rise of renewables generation to the ever-increasing need for grid balancing services. The result is a significant requirement for scalable and real-time solutions to manage the energy system of tomorrow.

At GridBeyond our vision is to build a shared energy economy that delivers sustainability, resilience, affordability and adaptability through collaboration and innovation. By bridging the gap between distributed energy resources and electricity markets, our technology means every connected asset, whether its utility-scale renewables generation, battery storage or industrial load, can be utilised to help balance the grid. The benefit?

By intelligently dispatching flexibility into the right market, at the right time, asset owners and energy consumers unlock new revenues & savings, resilience, manage price volatility, while supporting the transition to a Net Zero future.

Using artificial intelligence and data science, GridBeyond’s technology balances and orchestrates energy generation, storage and industrial load in a coordinated system. GridBeyond’s intelligent energy optimiser, lies at the core of our services. By connecting load, generation, and storage assets with the opportunities of the energy markets our technology bridges the gap between distributed energy resources and the requirements of the power grid.

GridBeyond logo courtesy of GridBeyond.
GridBeyond logo courtesy of GridBeyond.

Combining solvers, market access, and automatic trading in one place, including balancing services, capacity markets and the participation in the wholesale traded markets, our technology empowers C&I businesses, EV fleet operators, generators, and energy storage operators to maximise revenues and savings.

GridBeyond began commercially trading in 2010 and is home to the world’s first hybrid battery and demand network. Now a global player in the energy transition, GridBeyond provides a powerful combination of technological excellence, consultative approach and unrivalled expertise that enables its partners and clients have future-proof access to energy services, while supporting the wider electricity grid integrate more volatile renewables and make the leap to a greener future. All without impacting operations.

GridBeyond delivers energy services, new revenues, enhanced savings, strengthened operations and sustainability to over 400 I&C sites worldwide, including some of the planet’s best-loved brands.

About Claret Capital Partners

Claret Capital Partners sources growth capital for innovative growth stage businesses.

Since 2013 Claret’s team has backed over 150 European SMEs from a wide range of geographies across Europe. The Claret team have been active in the technology financing markets for over 20 years and provide innovative debt solutions to help entrepreneurs and private equity investors grow their companies while minimising dilution. Claret’s flexible three-to-five-year facilities start at €2,000,000 and can scale to €50,000,000 and are typically used to support growth stage businesses at various stages of organic and inorganic growth.

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