ABB announces strategic partnership with GridBeyond

ABB has announced that has made a minority investment in GridBeyond, a technology provider of energy management solutions based on artificial intelligence and data science.

Based in Ireland, GridBeyond’s solutions are designed to allow its customers to optimize distributed energy resources and industrial loads.

ABB stated that this 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.”

“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 of 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.”

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.

“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,” added Michael Phelan, CEO and co-founder of GridBeyond. “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.”

The investment was made through ABB Ventures.

ABB joins investors EDP, ESB, TotalEnergies, Act and DublinBIC. Financial terms of the transaction were not disclosed.