As part of the partnership, GridBeyond will work closely with Samsung to explore opportunities across trading, asset optimisation 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 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, the US, Japan and Australia, while enabling continued investment in the evolution of the company’s optimisation platform for distributed energy assets.
According to the announcement of the partnership released yesterday (17 March), GridBeyond will work closely with Samsung to explore opportunities across trading, asset optimisation and energy services that will allow both companies to “realise their growth ambitions globally”.
“GridBeyond has demonstrated exceptional technical expertise and global traction in a rapidly evolving energy landscape,” said a spokesperson for Samsung Ventures. “Their ability to deliver real-time demand response, optimise renewable and battery assets, and enable intelligent energy trading across markets such as the United States, Australia and Japan positions them as a key enabler of smarter energy systems and greater grid resilience.
“We are pleased to invest in a company developing technologies that accelerate decarbonisation and support a more sustainable and digitised world.”
GridBeyond, founded by CEO Michael Phelan and CTO Padraig Curran, specialises in developing tech for managing energy resources. The company, which has been commercially trading since 2010, uses AI and data science to optimise energy generation and storage while supporting the transition to net zero.
“Samsung’s deep expertise in renewable asset and battery development, EPC, energy technology, and trading experience complements our platform and accelerates our ability to deliver highly reliable, market-ready optimisation and trading solutions at global scale,” said GridBeyond deputy CEO, Richard O’Loughlin.
“This partnership will deliver world-leading products for renewable and battery developers, enabling greater asset value, improved grid stability, and faster progress toward a decarbonised energy system,” added Phelan.
Since launching, GridBeyond has grown considerably, with the company now employing more than 160 people across four continents. The company expanded to the UK in 2012, the US in 2020, Japan in 2021 and Australia in 2022.
Last July, GridBeyond announced it was leading the optimisation of a battery energy storage system (BESS) in California.
GridBeyond began operations at the 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 €52m in a Series C financing round led by Alantra to significantly expand its US and international presence.
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