Vienna-based HYDROGRID, a scale-up that offers automated IoT software for the optimal, real-time planning & dispatch of hydro power plants, has secured $8.5M (approximately €7.75M) in a Series A round of funding for international expansion.
The round was led by Inven Capital and Karma Ventures and includes contributions from CNB Capital and SET Ventures.
Capital utilisation
This funding will propel HYDROGRID’s growth, facilitating entry into new markets and supporting its transition to a zero-carbon future.
Michal Mravec, Investment Director at Inven Capital says, “At Inven Capital, we believe hydropower is vital in the transition towards a zero-carbon economy.”
“HYDROGRID’s ability to proactively manage inflow forecasting, water management and environmental regulation and then combine it with optimal power trading, adds tremendous value to hydro power owners.”
“The real-time, all-in-one solution allows them to increase their revenues by up to 50 per cent and streamline their processes, enabling operators to remain competitive in a fast-paced market and regulatory environment.”
“The positive climate impact from increasing hydro power generation by up to 10 per cent compared to manual operation is also significant. We are excited to support the company on its global growth journey,” adds Mravec.
Making hydro a power for the future
Hydropower is the global source of renewable energy, contributing to 60 per cent of all renewable generation. Its capacity to offer baseload energy throughout the year positions it as a crucial role in ensuring a secure energy supply.
Hydropower holds the title of the world’s largest available source of grid-scale storage, maintaining a capacity approximately 500 times greater than that of battery technology, a trend expected to persist beyond 2035.
Janice Goodenough, CEO of HYDROGRID says, “Despite the important role hydropower has to play as a green battery to the grid, hydro is often viewed as the sleeping giant of the energy transition.”
“This is because a significant part of its potential is currently underutilised due to a lack of digitalisation or due to complex regulation. And that’s what we aim to change.”
Brief about HYDROGRID
Founded in 2016, HYDROGRID offers automated IoT software for the optimal, real-time planning & dispatch of hydro power plants.
The scale-up, currently operating in seven countries, empowers hydro operators worldwide to digitise their processes seamlessly.
HYDROGRID’s Insight production planning solution integrates machine learning for precise forecasting and optimisation across various hydro assets, enabling real-time responses, minimising losses, and maximising revenues.
HYDROGRID aims to shape the future of hydropower. It claims to have consistently tripled its growth for two consecutive years and is on a mission to save over 50 million tonnes of CO2 by 2033.