ABB Invests in Strategic Partnership with GridBeyond
May 23, 2024
Partnership with GridBeyond extends ABB’s Electrification Service digital portfolio in energy management and optimization
- Partnership with GridBeyond extends ABB’s Electrification Service digital portfolio in energy management and optimization
- Investment strengthens ABB’s sustainability offering in distributed and flexible energy resources
- Drives customer value by enabling energy generators and asset owners to maximise financial returns and accelerate their net zero journey
ABB has announced a minority investment in GridBeyond, a leading technology player providing energy management solutions based on artificial intelligence and data science that will enable our customers to optimize distributed energy resources and industrial loads. The investment was made through ABB Ventures.
This newly formed 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.
Based in Ireland, GridBeyond works with over 900 clients across four continents to deliver technological solutions to the world’s energy challenges. Through its AI platform, GridBeyond 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.
“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.
“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.”
Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond, added: “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.”
ABB joins investors EDP, ESB, TotalEnergies, Act and DublinBIC. Financial terms of the transaction were not disclosed.
ABB Electrification is a global technology leader making efficient and reliable use of electricity from source to socket possible. With more than 50,000 employees across 100 countries, we collaborate with our customers and partners to solve the world’s greatest challenges in electrical distribution and energy management. We help businesses, industry, and consumers run their facilities and homes efficiently and reliably. As the energy transition accelerates, we are electrifying the world in a safe, smart and sustainable way. go.abb/electrification
ABB Electrification Ventures is the venture capital unit of ABB Electrification. The ABB Group through its business-led venture capital investment framework, ABB Ventures, looks for breakthrough technology companies aligned with ABB’s goal to write the future of industrial electrification and automation. Since its formation in 2009, ABB Ventures has deployed around $400 million into startups spanning a range of sectors including robotics, industrial IoT, AI/machine learning, energy transition, cybersecurity, electric mobility, smart buildings, and distributed energy. For more information, visit www.abb.com/ventures
GridBeyond provides a powerful combination of technological excellence, consultative approach and unrivalled expertise GridBeyond enables its partners and clients have future-proof access to energy services, while supporting the wider electricity grid integrate more volatile renewables and make the leap to a greener future. Using artificial intelligence and data science, GridBeyond’s technology balances and orchestrates energy generation, storage and industrial load in a coordinated system. GridBeyond’s intelligent energy optimiser, lies at the core of our services. By connecting load, generation, and storage assets with the opportunities of the energy markets our technology bridges the gap between distributed energy resources and the requirements of the power grid. gridbeyond.com
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