Gridcog Lands $10Mn Series A for Clean Energy Platform
Synopsis
The startup's software helps businesses model renewable energy projects, financial outcomes and carbon emissions to support net-zero strategies.
Energy software firm Gridcog, founded in Australia, has raised US$10 million in Series A capital from ABB and a number of other energy investors to help it grow its modelling platform for renewable energy projects.
Founded in Perth in 2020, Gridcog's offices are located in Perth and Melbourne, as well as London, Berlin and Madrid.
ABB led the Series A round, which was also joined by Axpo and DNV Ventures and VERBUND X Ventures. Existing investors AlbionVC and the Clean Energy Finance Corporation (CEFC) also joined the round.
The capital will be used to develop products, expand in Europe and enter certain international markets, Gridcog said. The addition of the funding will help the company take the next step in its expansion given the growing demand for energy modelling tools in Europe and other international markets.
Software targets growing renewable energy projects
Gridcog provides software to help project developers, utilities, investors and consultants evaluate renewable energy, battery storage and hybrid power projects prior to construction.
The platform models project economics, carbon emissions, electricity market participation, electricity grid constraints etc. to facilitate a pre-commitment capital decision between the various project designs.
It has also been used to model over 16,000 energy projects in more than 40 countries, including the United Kingdom, Germany, Spain, Italy, Australia, Canada and the United States, the company said. It serves customers such as Shell, Octopus Energy Generation, Vestas, European Energy, Greenvolt, NextEnergy Capital and PwC.
The investment follows the growing renewable electricity capacity around the world. The International Energy Agency (IEA) predicts that renewable generation will grow by approximately 4,600 GW by 2030, with solar making up the bulk of those additions. The growth has led to a rise in investments in battery storage, in flexible demand and hybrid energy projects that need more complex planning.
Investors back international expansion
The investor group mirrors the industries that depend on accurate project evaluations, said chief executive and co-founder Fabian Le Gay Brereton.
ABB, Axpo, DNV and VERBUND cover the spectrum of industrial electrification, energy consulting and large-scale generation and trading, and these are the parts of the industry which need to get project decisions correct.
Renewable energy now supplies the majority of new power generation worldwide and flexibility, or the ability to store, connect power sources to the grid in smarter ways and to use hybrid assets, is growing in significance, he said.
The collaboration will bring together ABB's electrification capabilities and Gridcog's modelling platform to enable customers to assess project economics, carbon outcomes and project performance over time, ABB said.
Source: ESG Today
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
