Business

HYDROGRID closes US$8.5 million in funding to accelerate growth

Austria’s HYDROGRID has closed US$8.5 million in Series-A funding to fuel a wave of international expansion.

This funding will enable HYDROGRID to accelerate its rapid growth path over the past years, expand into new markets and enable a successful transition towards a zero-carbon future, according to a release. The round was led by new shareholders Inven Capital and Karma Ventures, with contributions from existing investors CNB Capital and SET Ventures.

HYDROGRID’s production planning solution, HYDROGRID Insight, combines machine learning algorithms for inflow and electricity price forecasts with intelligent short-, medium-, and long-term optimization for run-of-the-river, storage, and cascade hydropower – all in an integrated and fully automatic software package. This enables hydropower plant operators to respond in real-time to weather events, minimize water losses, and maximize their electricity market revenues automatically while ensuring environmental and operational safety as well as compliance with regulations, according to a release.

Hydropower is the largest source of renewable energy worldwide, with 60% of all global renewable generation coming from hydro according to the International Energy Agency. It has the capability to provide reliable baseload energy 365 days per year, giving it a crucial role in terms of security of supply. Globally, it is the largest available source of grid-scale storage and will continue to provide roughly 500 times as much capacity as battery technology even past the year 2035, IEA said.

“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 underutilized due to a lack of digitalization or due to complex regulation. And that’s what we aim to change,” said Janice Goodenough, chief executive officer of HYDROGRID.

“We believe hydro power is vital in the transition towards a zero-carbon economy,” said Michal Mravec, investment director at Inven Capital. “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% 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% compared to manual operation is also significant. We are excited to support the company on its global growth journey.”

HYDROGRID was founded in 2016 and aims to save more than 50 million tonnes of CO2 by 2033.

Last month, Hydro Review reported that HYDROGRID announced a software collaboration with Kantonalen Elektrizitätswerk Nidwalden (EWN) in Switzerland to use HYDROGRID’s technology to assist EWN in the optimal planning and optimization of its hydropower plants in daily operations.