Smart energy company GridBeyond has successfully concluded a €52m (£44m) Series C funding round to support the scale-up of the business.

The company will use the funding to support its expansion and continue its investment in R&D

The company will use the funding to support its international expansion, expand its existing US presence significantly and continue its investment in R&D to facilitate the delivery of a global zero-carbon future.

The funding round was led by Alantra’s Energy Transition Fund, Klima, and also included new investors Energy Impact Partners, Mirova, ABB, Constellation and Yokogawa Electric Corporation as well as investment from existing investor, Act Venture Capital.

Founded in 2010, GridBeyond has been developing its AI platform to help businesses unlock the full potential of energy assets, ensuring the sustainability, resilience, and affordability of energy as the world moves towards a zero-carbon future.

Its technology unlocks the power within every connected asset, including utility-scale renewables generation, battery storage and energy demand load.

GridBeyond said the funding would facilitate expansion of its US business and support delivery of its Storage,  EV (vehicle-to-grid) and DR offerings across the US and other deregulated markets with high renewable penetration levels.

Michael Phelan, chief executive officer and co-founder of GridBeyond, commented: “The newly completed financing round sets GridBeyond on the path to increase the reach of our intelligent energy platform and deliver world-leading AI and powerful automation capabilities to smart grid and energy markets across the world. This supports our ambition to advance the transition of the global energy networks towards digitalisation, decarbonisation, and decentralisation. All while enhancing commercial and operational benefits for market participants through fast-acting automation and optimisation of flexible demand, storage and distributed generation.”