Gridcog Lands $12.5 Million Series A Backed by Global Energy Giants
Synopsis
Key Highlights Gridcog $12.5m Series A to grow the clean energy software platform started in Australia The funding round was led by ABB Electrification Ventures, AXPO Ventures, DNV Ventures and Verbund Ventures. The new…
Key Highlights
- Gridcog $12.5m Series A to grow the clean energy software platform started in Australia
- The funding round was led by ABB Electrification Ventures, AXPO Ventures, DNV Ventures and Verbund Ventures.
- The new funding will help to develop its technology and grow its team in Australia, the UK and Europe.
Australian clean energy software company Gridcog has secured $12.5 million in Series A funding, which will allow it to develop its platform as it grows for modelling and optimisation tools for decentralised energy projects. It was AB, ABB Electrification Ventures, AXPO Ventures, DNV Ventures and Verbund Ventures that carried out the funding round. The new funding will go towards strengthening its technology platform and expanding its commercial, customer and product teams across Australia, the UK and Europe, the company said.
Software Supports Global Energy Transition
Gridcog develops techno-economic modelling and simulation software enabling businesses to design, analyse and optimise decentralised clean energy projects.
Organisations such as Shell, Greenvolt, Perth Airport, AGL, AusNet Services and Ampol and also Origin Energy are already using the platform. Gridcog said the funding is part of a shift in how observers expect the global energy transition to evolve, moving from simply adding renewable energy to integrating and more intelligently managing multiple renewable-heavy energy systems.
Funding to Support Growth
The funding will provide a boost to product development and support new market expansion, Gridcog said, its founders are Pete Tickler and Fabian Le Gay Brereton.
The investment, announced last week, will also allow the company to scale its teams in Australia, the UK and Europe as demand for funding lists in energy transition software as well as techno-economic modelling software continues. Among early investors in the company are CEFC-backed Virescent Ventures.
Source: Capital Brief
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