This is a key element of GridBeyond’s global expansion plans over the coming months. The first step will focus on the liberalized energy markets across the US, starting with Electricity Reliability Council of Texas (ERCOT) and PJM Interconnection1.
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Michael Phelan, CEO and Co-founder at GridBeyond (Photo: Business Wire)
The company brings to market a globally recognized and award-winning AI-powered platform called Point. The platform connects grid operators, C&I operational load, power suppliers and PPA providers, distributed generation, energy storage, EV charging and utilities, to ultimately support the balancing of demand and supply on the grid, whilst delivering financial incentives.
Wayne Muncaster, Vice-President for North America operations, who leads on the US expansion, commented:
“After months of research and preparation work with our investors and American partners, we are delighted to announce GridBeyond’s expansion into the US and the opening of our new office in Houston.
“For many years Houston has been recognized as a leading center for the global energy industry. We are proud to launch our US operations from here, and to add our presence to the growing number of energy tech companies choosing this area as their base. We expect our US team to grow to fifty employees across the country within the next three years.
“The expansion of GridBeyond is built on our globally recognized intelligent energy technology and a decade of experience in enabling some of the largest European energy consumers, generators, distributors, utilities, transmission and grid operations networks, to participate in the financial and operational benefits of the most advanced energy markets.
“We are looking forward to working closely with commercial and industrial businesses, utilities and other participants of the US energy markets to enhance their financial outcomes, increase operational resilience and improve sustainability.”
Michael Phelan, Chief Executive and Co-founder at GridBeyond, commented:
“Having achieved and maintained the leading position in the European market, it is a natural progression for GridBeyond to expand our intelligent energy and smart grid services into the world’s biggest market for Distributed Energy Resource Management.
“By extending our business into the US, some of the world’s biggest producers and manufacturers across multiple industries will be able to benefit from fast-acting automation and optimization. By managing energy demand assets and distributed generation through our AI-driven intelligent energy technology platform, Point, businesses will see the benefits without impact on their operations.
“Our expansion into the US marks a significant step forward in the growth of GridBeyond. There is a rising global demand for advanced automation technologies driven by the energy transition toward digitalization, decarbonization and decentralization. This creates opportunities for further dynamic growth of our business.
“Together with our investors and partners, we are working on finalizing our offerings and entry strategies to other markets beyond the US. We are looking forward to sharing more information about the acceleration of our business growth plan in the coming months.”
Last week, the company announced the successful conclusion of its Series B financing round, with a number of high-profile partners, including EDP – Energias De Portugal, Act Venture Capital, Electricity Supply Board (ESB) and Total Carbon Neutral Ventures, investing in an $11.7m (€10.5m) transaction to support the scale-up of the business and international expansion.
The expansion announcement comes only a couple weeks after the CleanTech Group picked GridBeyond, out of thousands of organizations, as one of the world’s leading technology innovators in advancing global sustainability in 2020.
A month earlier, in December 2019, global experts in the energy sector named GridBeyond the winner of the Grid Edge Award at the Global Energy Awards by S&P Global Platts. The prestigious award recognizes innovation, leadership and outstanding performance throughout the entire energy system that advances the electric grid to most effectively link industrial and commercial energy users to utilities and the grid.
“The independent panel of judges was impressed with GridBeyond for their standout performance in Grid Edge category and their commitment to the energy industry’s advancement,” said Martin Fraenkel, President of S&P Global Platts.
At the beginning of 2019, Frost & Sullivan, the leading global research, analytics and consultancy company, named GridBeyond as the winner of the 2019 Innovation Award for European Demand Response Technology. The experts referred to GridBeyond’s technology as ‘the paradigm-shifting DR solution [that] allows C&I and public sector consumers to monetize the flexibility in their energy consumption and effectively control the energy future.”
Notes for the editors:
Transform energy into opportunity. GridBeyond is a global leader in intelligent energy technology for industrial, commercial, institutional and utility partners. Energy users are provided the ability to manage and control demand response participation, energy performance, markets and costs via the multi-award-winning AI Point platform.
By stacking various market opportunities and programmes, GridBeyond delivers demand response revenues, enhanced savings, strengthened operations and sustainability to over 400 I&C sites worldwide, including some of the planet’s best-loved brands. Furthermore, networks and utilities are empowered to optimize electricity supply and provide value-add opportunities to their customers.
By connecting grid operators, operational load, distributed generation, storage, EV charging and utilities to integrated energy services, GridBeyond’s vision is to build a shared energy economy that delivers sustainability, resilience, affordability and adaptability through collaboration and innovation.
GridBeyond was founded in 2007 and is home to the world’s first hybrid battery and demand network. A powerful combination of technological excellence, consultative approach and unrivalled expertise means that GridBeyond partners and clients have future-proof access to energy services.
1 PJM Interconnection is a regional transmission organization (RTO) that coordinates the movement of wholesale electricity in all or parts of Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and the District of Columbia.