ABB invests in strategic partnership with GridBeyond
ABB announced a minority investment in GridBeyond, a leading technology player providing energy management solutions based on artificial intelligence and data science that will enable our customers to optimize distributed energy resources and industrial loads. The investment was made through ABB’s Technology Ventures unit.
This newly formed strategic partnership will contribute to the continued expansion of ABB’s sustainability advisory services portfolio, and help customers and operators across utilities, industry, infrastructure and transportation to transition to net zero.
Based in Ireland, GridBeyond works with over 900 clients across four continents to deliver technological solutions to the world’s energy challenges. Through its AI platform, GridBeyond enables its customers to precisely control the energy consumption profiles of their assets, allowing them to unlock new revenue streams, deliver energy and cost savings, optimize production processes and increase resilience by predicting and preventing system failures.
“Our investment in GridBeyond reflects our commitment to driving technological innovations and creating an ecosystem of partners to enable customers’ energy transition to net zero,” said Stuart Thompson, President, ABB Electrification Service.
“We are helping to transform the way industries generate, distribute and consume energy. We greatly look forward to working with GridBeyond’s team of experts to help drive their next phase of growth.”
Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond, added: “We are delighted to complete this transaction. 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.
“Increasing the reach of our intelligent energy platform to deliver world-class AI and powerful automation capabilities to smart grid and energy markets, supports our ambition to advance the transition of the global energy networks towards digitalization, decarbonization, and decentralization.”
ABB joins investors EDP, ESB, TotalEnergies, Act and DublinBIC. Financial terms of the transaction were not disclosed.
