Gridcog, an innovative clean energy software company, announced a €3.8 million investment led by an early-stage tech investor, AlbionVC. The funding will be used to further Gridcog’s mission to accelerate the energy transition across the UK and Europe by making clean energy investments more transparent, efficient, and commercially viable.
Gridcog was founded in 2020 by repeat EnergyTech founders Pete Tickler and Fabian Le Gay Brereton to be a key driver in the global move towards a decarbonised, and decentralised energy future.
Investing with certainty into the energy transition requires consideration of a large number of highly dynamic technical, physical, financial and market considerations. Before Gridcog, companies looking to make these investments had no choice but to depend on an array of specialist tools, spreadsheets and expensive consultants.
Even the most sophisticated of these approaches weren’t capable of handling the inherent complexity of today’s energy projects, leading to slower, higher risk investment decisions that were opaque and prone to error.
With Gridcog, companies get a holistic view of their energy resources, including solar, wind, battery storage, EV fleets and charging infrastructure, and flexible loads, across multiple sites and multiple energy markets. Gridcog’s platform helps users assess how existing solutions are performing; simulate the impact of market and project changes; and – thanks to live feeds of energy prices and other market considerations – see how their projects stack up in multiple commercial scenarios. Gridcog helps firms quickly, transparently and accurately model and test the most economically viable solutions for even the most complex projects, across the entire energy value chain.
“The common thread between all our clients is a desire to invest into the energy transition. They want to play a role in building a more sustainable energy future, yet are facing hurdles at almost every turn. Exactly what assets they’re investing in vary – from large-scale solar and storage to EV fast-charging networks –but the problem is the same: with hundreds of ways a project could be developed, which one is best? Identifying the winning play requires sophisticated techno-economic modeling which only Gridcog provides, while also removing the complexity, costs and confusion around these investments,” said Pete Tickler, Co-founder, Gridcog.
Gridcog’s holistic, intuitive and user-friendly software has seen the company grow rapidly across its initial markets and onboard some of the world’s leading energy and fleet electrification players, including Shell and Origin Energy. Mitie, Mitsubishi Heavy Industries, and EY.
The company has a growing base of customers across the UK and Europe with Energy transition leader Genna Boyle heading up its UK and European operations. This latest round of funding will see Gridcog double-down on its expansion across these fast-growing regions because of the size of these markets and their position at the forefront of the energy transition. Over the past year alone, revenue from UK/Europe customers grew 6 times ,and more than 60% of Gridcog’s inbound leads are now from the region.
“The energy transition is a truly global revolution and Gridcog has always been committed to that global mission. Driven by climate change and renewed commitment to transition away from fossil fuels at the recent COP28 conference, the world is switching to solar, wind and batteries for electricity generation, whilst transport, heat and chemical processes are being electrified. This makes the energy transition the biggest and fastest infrastructure replacement project in history, and Gridcog is here to help achieve it,” explained Gridcog co-founder and CEO, Fabian Le Gay Brereton.
Genna Boyle, Director UK and Europe, added: “Energy projects are much more complicated than many people realise, particularly when you have multiple technologies interacting with dynamic energy markets, and our simulation and optimisation technology helps the leaders investing in the transition to navigate this complexity.”
Adam Chirkowski, Investment Director AlbionVC, commented: ”Gridcog’s technology is a game-changer, essential for accelerating investment into clean energy projects, especially when traditional tools fall short in addressing the increasing technical and commercial complexities of energy project investment. We are excited to support the Gridcog team as they look to build a category leader addressing the biggest challenge of our time.”
Read the orginal article: https://www.eu-startups.com/2024/03/london-based-gridcog-bags-e3-8-million-to-track-the-best-way-to-invest-in-the-green-transition/
