As part of the partnership, GridBeyond will work closely with Samsung to explore opportunities across trade, logistics and energy services.
Samsung Ventures has invested in Dublin-based smart energy solutions company GridBeyond as part of a €12m equity round.
The investment arm of global electronics giant Samsung has joined existing GridBeyond shareholders including Alantra’s Energy Transition Fund, Klima, Energy Impact Partners, Mirova, ABB, Constellation Technology Ventures and Act Venture Capital.
GridBeyond will use the funding to accelerate expansion across key strategic markets including the UK, Ireland, US, Japan and Australia, while enabling continued investment in the development of the company’s optimized platform for distributed energy assets.
According to the partnership announcement released yesterday (March 17), GridBeyond will work closely with Samsung to explore opportunities across commercial, asset development and energy services that will allow both companies to “realize their ambitions for global growth”.
“GridBeyond has demonstrated exceptional expertise and global reach in the rapidly changing energy landscape,” said a Samsung Ventures spokesperson. “Their ability to deliver real-time demand response, optimize renewables and batteries, and enable smart energy trading across markets such as the United States, Australia and Japan positions them as a leading provider of smart energy systems and greater grid resilience.
“We are pleased to invest in a company that is developing technologies that accelerate decarbonisation and support a sustainable and digitized world.”
GridBeyond, founded by CEO Michael Phelan and CTO Padraig Curran, focuses on developing technology to manage energy resources. The company, which has been trading since 2010, uses AI and data science to increase production capacity and conserve energy while supporting the transition to zero.
“Samsung’s deep expertise in renewables development and battery regeneration, EPC, energy technology, and trading experience complements our platform and accelerates our ability to deliver highly reliable, market-ready and commercial solutions globally,” said GridBeyond’s deputy CEO, Richard O’Loughlin.
“This partnership will bring the world’s leading renewables and battery developers, enabling greater supply, improved grid resilience, and rapid progress towards a decarbonised energy system,” added Phelan.
Since its launch, GridBeyond has grown significantly, with the company now employing more than 160 people on four continents. The company is expanding to the UK in 2012, the US in 2020, Japan in 2021 and Australia in 2022.
Last July, GridBeyond announced that it is leading the development of a battery energy storage system (BESS) in California.
GridBeyond started working on Big Rock BESS last summer along with London’s Gore Street Energy Storage Fund, an energy storage investment fund.
In 2024, the smart energy company raised 52 million euros in a Series C funding round led by Alantra to significantly expand its US and international presence.
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