Gridcog secures $12.5m Series A funding to scale clean energy software
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The news: Australian-founded tech startup Gridcog has raised $12.5 million in a series A funding round led by a consortium of global energy giants, including ABB Electrification Ventures, AXPO Ventures, DNV Ventures and Verbund Ventures to scale its modelling energy platform.
The context: Gridcog provides energy modelling and simulation software utilised by businesses to track and optimise decentralised clean energy projects.
The software is already used by several global enterprises including Shell, Greenvolt, Perth Airport, AGL and Ausnet Services. Gridcog stated it will use the fresh capital to deepen its technology platform and scale its commercial, customer and product teams across its offices in the UK, Europe and Australia.
The company said that the funding comes as the global energy transition shifts from simply adding more renewables to making renewables-heavy energy systems work together efficiently, highlighting that its software is scaling to meet this critical market demand.
What they said: “Gridcog turns weeks of spreadsheet modelling into hours of fast, transparent analysis, a natural complement to DNV’s data and advisory expertise,” Head of DNV Ventures Kaare Helle said.
“Accelerating energy transition projects is essential to meeting global decarbonisation targets, and by bringing our trusted data into Gridcog’s platform, we can help developers make faster, more bankable decisions far earlier in a project’s life”.
The source: Gridcog media release
