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The first phase of the joint venture, that began in 2022, saw a commitment of €10m.
Dublin-based smart energy solutions company GridBeyond and Triodos Energy Transition Europe Fund commit €12.5m for the next phase of their joint venture GridBeyond Storage that seeks to roll out Behind The Metre (BTM) battery energy storage systems (BESS) across the UK and Ireland.
Triodos Energy Transition Europe Fund, which committed €11.25m to the new phase, is an “impact investor”, primarily investing in European companies that drive environmental and social impact.
As part of the new phase, GridBeyond Storage is preparing to fund two ready-to-build BESS projects in Ireland and Scotland, totalling 8MWh. The joint venture is also exploring BTM solar photovoltaics (PV) and electric vehicle (EV) charging projects for commercial and industrial customers.
In 2022, the Triodos fund and GridBeyond entered into a 50-50 joint venture to develop BTM storage projects for commercial and industrial businesses in the UK and Ireland. The first phase of their project saw an investment of €10m.
The venture’s first project, a 1.1MWh BESS at Carey Glass in Ireland has been operational since March 2023, while the second project, a 8.3MWh BESS at O-I Glass in Scotland is currently in the construction, expected to be operational from January 2025.
“Both parties are committing to continued investment in this joint venture to drive the development of new energy projects,” the partners said.
“This next phase of our partnership is a highly promising development for our fund and our investors,” said Michiel van Beek, the head of project equity at Triodos Investment Management. “This collaboration keeps us at the forefront of sustainable energy investment.
“By continuing to invest in BESS projects in the UK and Ireland, we are not only accelerating to a net-zero future, but also positioning the fund to benefit from the growing demand for flexible energy solutions.”
While GridBeyond’s deputy CEO Richard O’Loughlin said: “This partnership has already allowed us to deliver innovative battery storage solutions for our industrial and commercial customers in Ireland and the UK.
“As more renewables are integrated into the energy market, batteries are a great asset, which can provide our industrial and commercial customers with more resilience, mitigate risk of power interruption, support grid connection challenges and deliver ultimately deliver value for our customer also through cost savings and carbon reduction.”
Last month, GridBeyond was awarded $7.8m from the US Department of Energy to work on an R&D project focused on the reliability of operations for wind and solar energy.
Commercially trading since 2010, when it was called Endeco Technologies, GridBeyond has developed an energy management platform that uses AI and data science to optimise energy generation and storage.
Earlier this year, the company raised €52m in a Series C financing round led by Alantra to significantly expand its US and international presence.
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