Simulation software provider Gridcog announced today that is has raised $10 million in a Series A funding round, with proceeds from the financing aimed at scaling its energy flexibility monitoring platform, enabling a more complex set of energy sources to be integrated into the grid.
According to the company, the funding comes as energy projects have become significantly more complicated over the past several years, driving a need for flexibility, as more capital flows into renewables and storage, while there is a shortage of grid connections. As these projects expand across markets with different regulations, tariffs and operating constraints, accurately modeling their performance has become significantly more complex, Gridcog added.
Founded in Australia in 2020 by energy technology entrepreneurs Fabian Le Gay Brereton and Pete Tickler, Gridcog provides energy system modeling and optimization software that helps developers, investors, utilities, and energy companies evaluate and optimize renewable energy, battery storage, electrification, and hybrid energy projects.
Fabian Le Gay Brereton, CEO and co-founder of Gridcog, said:
“Most modelling tools ask you to trust a number you can’t trace. Gridcog does the opposite: every assumption is visible, every result goes down to the interval, and it’s all backed by rigorous deterministic computational modelling and mathematical optimisation.”
The company said that the new capital would enable Gridcog to scale to meet growing demand across more markets and asset types, and to invest in its modelling capabilities.
The funding round was led by electrification and automation company ABB, with participation from Axpo, DNV Ventures and VERBUND X Ventures, alongside existing investors AlbionVC and the Clean Energy Finance Corporation.
Stuart Thompson, President of ABB’s Electrification Service division:
“The energy transition increasingly depends on projects that combine renewables, storage and flexible loads, making accurate modelling more important than ever.”
