GridBeyond, formerly Endeco Technologies, will create close to 40 jobs over the next three years as a part of business growth and planned international expansion, it has announced.
Provider of demand side response services and energy optimisation technologies
GirdBeyond, the creator of the world’s first hybrid battery and demand network, provider of demand side response services and energy optimisation technologies, is proud to announce its further dynamic growth forecast for the next three years.
The company is predicting greater than 100 per cent year-to-year revenue growth in 2018, having already seen a fivefold revenue increase over the period 2014-2017.
Michael Phelan, GridBeyond CEO, said: “We are perfectly set to achieve our goals of scaling up. We are committed to enhancing our world-class technology by investing in innovation, research and development, and hiring the best talents to grow our team.
“We pride ourselves on providing absolute piece of mind to our clients, by working with the best specialists with experience across all key industry sectors. We are trusted by hundreds of sites across the UK and Ireland and certain that our holistic approach to simplify complex energy markets for our clients, and transform their energy demands into opportunities, set us up for even faster growth in the coming years.”
Considering strategic options for further funding
GridBeyond is adequately funded for its existing markets, the UK and Ireland, and the company is currently considering its strategic options for further funding to support its international goals of expansion.
The company’s growth is supported by Enterprise Ireland Research & Development Fund, and Enterprise Ireland High Potential Start-ups programme with multiple equity investments from Enterprise Ireland and venture capital funds: Dublin Business Innovation Centre/AIB Seed Capital Fund, ACT Venture Capital, ESB NovusModus by ESB Innovation and private investors.
“With the support from Enterprise Ireland and other multiple sources of investment, we are evaluating other markets and negotiating conditions for our international growth," said Phelan. "Our ambition is to become the leading global Demand Side Response and energy management company. We will be able to provide more details and official commitments later this year.”
Kevin Sherry, executive director, Global Business Development, Enterprise Ireland said: “Driving innovation in companies with global ambition is a priority for Enterprise Ireland as it is key to their success in overseas markets.
"GridBeyond is an example of an Irish company which has successfully utilised available supports to innovate and grow. The creation of 40 new jobs over the next three years is central to the company’s next stage of development and we look forward to continuing to work with GridBeyond on their international expansion plans.”
Launch of new and easy-to-navigate website
By the end of June, GridBeyond is planning to launch a new and easy-to-navigate website to further help in simplifying the complex energy market by presenting information on the energy markets, balancing services, capacity, smart tariffs, energy trading, peak avoidance and energy optimisation into one unified platform.
The new website will also host the refreshed GridBeyond Academy resources - including Continuing Professional Development accredited courses for all the stakeholders interested in demand side response and the energy market as a whole.
The resources include regular thematical webinars, whitepapers, briefings, blogs, and statements which address the current state of the energy market and discuss the predictions for further developments.
GridBeyond’s award-winning clients facing portal is also undergoing significant upgrades. After months of testing and listening to clients’ feedback through agile development procedure, the new version of the portal will be released to all clients during summer 2018.
About GridBeyond, formerly Endeco Technologies
GridBeyond, founded in 2007, is a provider of demand side response services, energy optimisation technologies, and enhanced energy services.
The company transforms energy demand into opportunity and empowers large energy users to be instrumental in electric networks, decarbonisation plans and integration of renewable energy. Its mission is to become the leading global Demand Side Response and energy management company and creating Europe’s first and largest ‘virtual power plant’ by 2022.
GridBeyond created the world’s first hybrid battery & demand network solution to be tested and accepted by National Grid. The portfolio of commercial batteries and demand assets works in harmony to provide flexibility to the grid, whilst unlocking demand flexibility within inflexible sites.