Intelligent energy technology developer, GridBeyond, has received €6m in debt financing from Claret Capital.
The money is to be used to help the company continue to grow outside of Ireland and add to its workforce.
It brings to €16m the total amount raised by business.
Portugal's EDP, the ESB, Total Carbon Neutrality Ventures and Act Venture Capital are among the earlier investors.
"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," said GridBeyond Chief Operating Officer Richard O’Loughlin.
"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."
Established in 2010, GridBeyond’s technology uses artificial intelligence and data science to balance and orchestrate energy generation, storage and industrial load in a coordinated system.
Since 2019 it 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.
"Helping transform energy into revenue opportunities for businesses, the team at GridBeyond blends problem solving with groundbreaking technology," said David Bateman, Managing Partner of Claret.
"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."
