HYDROGRID, an Austrian digital hydropower optimization firm, has announced the successful completion of its Series-A funding, raising $8.5 million to drive international growth. This investment round was led by new partners Inven Capital and Karma Ventures, with additional support from existing investors CNB Capital and SET Ventures.
With this funding, HYDROGRID plans to build on its recent growth, enter new markets, and support the global transition to a zero-carbon economy.
“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 digitalisation or due to complex regulation. And that’s what we aim to change.” says Janice Goodenough, CEO of HYDROGRID.
Inven Capital’s Investment Director, Michal Mravec, emphasized HYDROGRID’s impact: “At Inven Capital, we believe hydro power 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% 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.”
Since its founding in 2016, HYDROGRID has demonstrated strong momentum, with a growth rate of over three times in each of the past two years. The company has set ambitious sustainability targets, aiming to prevent more than 50 million tonnes of CO2 emissions by 2033.
Tommi Uhari, Partner at Karma Ventures, praised HYDROGRID’s potential: “I have been following the development of both the product and the company already since 2019. The outstanding level of talent and spirit of the HYDROGRID team is in my opinion the company’s greatest asset. It makes me confident that they will continue to execute against their ambitious growth plans. That’s why we’re excited to invest alongside Inven Capital and to witness the continued support from existing investors CNB and SET Ventures. This gives the company the freedom to realize it’s vision and full potential.”
HYDROGRID’s board is enthusiastic about working together towards a shared vision: to make hydropower a cornerstone of the future energy landscape. “We believe that hydropower digitalisation is a foundational requirement to reach our net zero goal. It is this important mission that unites the HYDROGRID team and shareholders behind a common goal that is well worth striving for.”
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