ABB announces investment-cum-strategic partnership with GridBeyond

ABB has made a minority investment in GridBeyond, a leading technology player providing energy management solutions based on artificial intelligence and data science, through its investment arm ABB Ventures. 

The Swedish-Swiss technology company believes that the investment will enable its customers to better optimize distributed energy resources and industrial loads. 

Further, the strategic partnership will contribute to the continued expansion of ABB's sustainability advisory services portfolio, and help customers and operators across utilities, industry, infrastructure and transportation to transition to net zero, the company adds. 

"Our investment in GridBeyond reflects our commitment to driving technological innovations and creating an ecosystem of partners to enable customers' energy transition to net zero," said Stuart Thompson, President, ABB Electrification Service.

He further added, "We are helping to transform the way industries generate, distribute and consume energy. We greatly look forward to working with GridBeyond's team of experts to help drive their next phase of growth."

Based in Ireland, GridBeyond claims to work with over 900 clients across four continents to deliver technological solutions to the world's energy challenges. Through its AI platform, the company enables its customers to precisely control the energy consumption profiles of their assets, allowing them to unlock new revenue streams, deliver energy and cost savings, optimize production processes and increase resilience by predicting and preventing system failures.

Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond, commented on the development, "We are delighted to complete this transaction. This funding, together with the support of our new partners, will enable us to expand our product offering and strengthen our leadership position in this space.

"Increasing the reach of our intelligent energy platform to deliver world-class AI and powerful automation capabilities to smart grid and energy markets, supports our ambition to advance the transition of the global energy networks towards digitalization, decarbonization, and decentralization", he added. 

Some of the other prominent investors of GridBeyond include EDP, ESB, TotalEnergies, Act, DublinBIC and Alantra's Energy Transition Fund 'Klima' investing €52 million in Series C funding round.