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Vienna-based HYDROGRID, a SaaS scale-up, introduced on Friday that it has secured $8.5M (roughly €7.7M) in a Collection A spherical of funding led by new shareholders Inven Capital and Karma Ventures with contributions from current buyers CNB Capital and SET Ventures.
This funding will assist the Austrian scale-up develop into new markets and transition to a zero-carbon future.
Hydropower is the biggest supply of renewable power worldwide.
Hydro offers dependable baseload power three hundred and sixty five days per 12 months, making it essential for the safety of provide because it accounts for 60 per cent of all world renewable technology.
Globally, it’s the largest out there supply of grid-scale storage and can proceed to supply roughly 500 occasions as a lot capability as battery know-how even previous the 12 months 2035.
“Regardless of the vital position hydropower has to play as a inexperienced battery to the grid, hydro is usually seen because the sleeping big of the power transition. It is because a major a part of its potential is at the moment underutilized as a consequence of a scarcity of digitalisation or as a consequence of complicated regulation. And that’s what we intention to alter,” says Janice Goodenough, CEO of HYDROGRID.
HYDROGRID: Gives IoT answer for the optimum management of hydropower vegetation
Based in 2016 in Vienna, HYDROGRID provides automated IoT software program for the optimum, real-time planning & dispatch of hydropower vegetation.
The corporate’s SaaS answer permits energy plant homeowners to extend their revenues by as much as 16 per cent by aligning their manufacturing to the ability markets while on the similar time decreasing every day operational workload.
HYDROGRID’s answer combines machine studying algorithms for influx and energy value forecasting with clever optimisation throughout the short-, medium- and long-term horizon for run-of-river, pondage, storage, and cascade hydro-assets.
This allows hydropower operators to react in real-time to climate occasions, minimise water losses, and maximise their energy market revenues in an automatic approach whereas guaranteeing environmental and operational security and compliance.
At the moment, the Austrian firm helps hydro operators in 7 international locations all over the world to totally digitalise their course of from water to cash.
The buyers
Inven Capital is a €500M European VC fund centered on later-stage local weather tech investments in Europe & Israel, backed by CEZ Group and the European Funding Financial institution (EIB).
The VC primarily focuses on later-stage progress funding alternatives with a sound enterprise mannequin confirmed by realised revenues and long-term progress potential.
Michal Mravec, Funding Director at Inven Capital says, “At Inven Capital, we consider hydropower is significant within the transition in direction of a zero-carbon economic system. HYDROGRID’s means to proactively handle influx forecasting, water administration, and environmental regulation after which mix it with optimum energy buying and selling, provides super worth to hydropower homeowners. The actual-time, all-in-one answer permits them to extend their revenues by as much as 50% and streamline their processes, enabling operators to stay aggressive in a fast-paced market and regulatory setting. The constructive local weather affect of accelerating hydropower technology by as much as 10% in comparison with guide operation can be important. We’re excited to help the corporate on its world progress journey.”
Karma Ventures is a enterprise capital agency centered on investing in European deep-tech corporations with sturdy technological USP and confirmed buyer traction.
Karma Ventures’ second fund is backed amongst others by Baltic Innovation Fund 2 (BIF 2) – an initiative created by cooperation between the Republic of Estonia, the Republic of Latvia, the Republic of Lithuania, and the European Funding Fund.
Tommi Uhari, Companion at Karma Ventures says “I’ve been following the event of each the product and the corporate already since 2019. The excellent degree of expertise and spirit of the HYDROGRID staff is in my view the corporate’s biggest asset. It makes me assured that they are going to proceed to execute their formidable progress plans. That’s why we’re excited to speculate alongside Inven Capital and to witness the continued help from current buyers CNB and SET Ventures. This offers the corporate the liberty to grasp its imaginative and prescient and full potential.”
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