ABB becomes minority investor in GridBeyond

16th April 2024 By: Darren Parker - Creamer Media Contributing Editor Online

ABB becomes minority investor in GridBeyond

Technology company ABB has joined investors EDP, ESB, TotalEnergies, Act and DublinBIC in becoming an investor in energy management solutions company GridBeyond, which uses artificial intelligence (AI) and data science to enable customers to improve distributed energy resources and industrial loads.

The investment was made through ABB’s Technology Ventures unit.

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 more than 900 clients across four continents to deliver technological solutions to energy challenges.

Through its AI platform, GridBeyond enables its customers to precisely control the energy consumption profiles of their assets, providing access to new revenue streams, along with energy and cost savings, while improving production processes and increasing 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. We are helping to transform the way industries generate, distribute and consume energy,” ABB electrification service president Stuart Thompson said on April 16.

“This funding, together with the support of our new partners, will enable us to expand our product offering and strengthen our . . . 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 digitalisation, decarbonisation and decentralisation,” GridBeyond CEO and cofounder Michael Phelan said.

The financial terms of the transaction were not disclosed.