GridBeyond Storage, the intelligent energy and smart grid platform for distributed energy resource management, has received a further investment of €11.25m.
The funding came from the Triodos Energy Transition Europe Fund, which mainly invests in European companies that drive the energy transition.
The partnership aims to accelerate the roll-out of Behind-the-Meter (BTM) battery energy storage systems (BESS) across the UK and Ireland.
It's the latest development in the joint venture which has been active for two years and has already seen €10m invested.
The next phase will see it fund two ready-to-build BESS projects in Ireland and Scotland, totalling 8MWh.
At the same time GridBeyond Storage is also exploring other cutting-edge opportunities, such as BTM solar PV and electric vehicle (EV) charging projects for commercial and industrial customers.
"This next phase of our partnership is a highly promising development for our fund and our investors," said Michiel van Beek, Head of Project Equity at Triodos Investment Management.
"By continuing to invest in BESS projects in the UK and Ireland, we are not only accelerating to a net-zero future, but also positioning the fund to benefit from the growing demand for flexible energy solutions."
"The potential addition of BTM solar PV and EV charging projects further strengthens our portfolio with innovative technologies that align with the global push for decarbonisation, offering strong risk-adjusted returns."
Already the partnership has delivered battery storage solutions for industrial and commercial customers in Ireland and the UK.
These included a 1.1MWh BESS facility at Carey Glass which has been operational since March of last year.
"As more renewables are integrated into the energy market, batteries are a great asset, which can provide our Industrial and commercial customers with more resilience, mitigate risk of power interruption, support grid connection challenges and deliver ultimately deliver value for our customer also through cost savings and carbon reduction," said GridBeyond deputy CEO, Richard O’Loughlin.
