going beyond

Energy data platform with Houston HQ raises over $50M series C to scale US presence

The company, which has its U.S. headquarters in Houston, reported closing the raise at €52 million, or around $55 million. Image via gridbeyond.com

Dublin-based GridBeyond raised its series C to support its growth in the the United States.

The company, which has its U.S. headquarters in Houston, reported closing the raise at €52 million, or around $55 million. The round was led by Alantra’s Energy Transition Fund, Klima, with participation from new investors Energy Impact Partners, Mirova, ABB, Constellation and Yokogawa Electric Corporation as well as investment from existing investor, Act Venture Capital.

Founded in 2010, GridBeyond's AI platform allows businesses to unlock the full potential of energy assets and prioritize sustainability, resilience, and affordability of energy.

"This funding, together with the support of our new partners, will enable us to expand our product offering and strengthen our leadership position in this space," Michael Phelan, co-founder and CEO of GridBeyond, says in a news release. “The newly completed financing round sets GridBeyond on the path to increase the reach of our intelligent energy platform and deliver world leading AI and powerful automation capabilities to smart grid and energy markets across the world."

Specifically, the company reportedly will use the funding to expand in the United States, as well as continuing its investment in research and development to facilitate the delivery of a global zero-carbon future.

GridBeyond opened its Houston office, which is located at 2101 CityWest Blvd, four years ago. Last year, the business acquired Denver, Colorado-founded Veritone Business Energy.

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A View From HETI

Meta's data center in Temple, Texas. Rendering courtesy Meta

Responding to public outcry, Gov. Greg Abbott has stepped up his campaign against data centers by temporarily halting approval of environmental permits for data center projects.

This and previous moves by Abbott essentially amount to a temporary freeze on the development of new data centers in Texas. His actions come at a time when Texas’ stature as a data center hub has been soaring.

On Monday, Abbott directed the Texas Commission on Environmental Quality to stop issuing permits for data center developments until the Electric Reliability Council of Texas (ERCOT) and Public Utility Commission of Texas complete their review of projects seeking power grid connections.

With regulatory reviews underway and environmental permitting now frozen, state regulators currently cannot approve or deny requests from data center developers, Abbott said.

In a letter to the environmental quality commission’s executive director, Kelly Keel, Abbott said this directive is “consistent with my whole-of-government approach to ensure Texans’ natural resources and way of life are protected.”

Abbott previously ordered the Texas Water Development Board to require data centers to meet reporting requirements for water use. He also told the board to impose penalties for failure to comply with those requirements and to collaborate with ERCOT on its review.

Abbott launched his crackdown on data centers in August by ordering the Public Utility Commission and ERCOT to review data center projects in Texas. The audits will examine all data centers in the queue for interconnections before any more projects can move forward. Interconnections enable data centers to share power, data and computing resources.

In calling for those audits, Abbott cited concerns over data centers’ use of water and electricity, and the centers’ effect on infrastructure expenses and consumers’ utility rates.

“Simply put, Texans must come first,” the governor said.

During next year’s legislation session, Abbott will push for the elimination of state financial incentives for data center projects.

Ed Hirs, an energy fellow ⁠at the University of Houston, told Reuters that Abbott was backtracking on “his earlier pronouncements about data centers leading to lower electricity prices.”

Abbott’s actions come amid growing public backlash over data centers. A recent University of Houston survey found that nearly 63 percent of Houston-area residents opposed construction of a data center within a mile of their home.

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