The rapidly evolving electrical grid faces significant challenges, particularly during peak demand hours. Tech companies and data center developers, which require substantial electricity for AI operations, are currently experiencing the most pronounced impacts of these shortages, according to Michael Phelan, CEO of GridBeyond.
To address demand fluctuations, GridBeyond has developed hardware and software solutions that enable the grid to function as larger virtual power plants. The company currently manages approximately 1 gigawatt of renewable resources, including solar and wind, and has access to several gigawatts through commercial and industrial energy loads.
In a move to enhance its capabilities, GridBeyond recently secured €12 million (about $13.8 million) in equity funding, led by Samsung Ventures, with participation from multiple investors including ABB and EDP. The startup's systems are operational in a variety of locations, including the U.S., U.K., Japan, and Ireland.