ESG Today writes that Ireland-based GridBeyond offers solutions that help address some of the issues associated with the adoption of renewable energy, such as the intermittent energy delivery from solar or wind sources, which may fall short of the peak demand situations.

GridBeyond operates an AI-based platform that connects distributed energy resources and electricity markets, or in simpler terms, renewable power generation, energy storage capacity and delivery to industrial customers. These elements are connected intelligently to help balance the grid.

The platform uses multiple kinds of predictive data, from weather to price information, to help manage the way energy is distributed.

GridBeyond experienced significant growth back in 2023, when the company expanded its team, doubling the number of employees globally, and acquired Veritone Business Energy. Over the past three years, the Irish company grew its revenues by 70% per year, with a similar growth rate expected for 2024, as well.

Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond, said that "this (investment) supports our ambition to advance the transition of the global energy networks towards digitalization, decarbonization, and decentralization. All while enhancing commercial and operational benefits for market participants through fast-acting automation and optimization of flexible demand, storage and distributed generation."

Energy Impact Partners, Mirova and ABB are among the investors who participated in the 52 million euros funding round.