How ABB's GridBeyond Investment Could Cut Energy Use
Energy consumption is the dominant contributor to climate change, accounting for around 60% of tidal global greenhouse gas emissions, according to the UN. Transitioning to clean energy is a key part of combating global warming and meeting the targets set out in the Paris Agreement.
Global technology leader ABB Electrification is supporting the global transition to clean energy. By collaborating with customers and partners across 100 countries, the company is working to solve the world’s greatest challenges in electrical distribution and energy management – boosting energy efficiency, reducing emissions and promoting decarbonisation.
The venture capital unit of ABB Electrification, ABB Electrification Ventures, has invested around US$400m into breakthrough technology companies aligned with ABB’s emphasis on industrial electrification and automation since its inception in 2009.
The most recent of these is GridBeyond.
“Our investment in GridBeyond reflects our commitment to driving technological innovations and creating an ecosystem of partners to enable customers’ energy transition to net zero,” said Stuart Thompson, President, ABB Electrification Service.
“We are helping to transform the way industries generate, distribute and consume energy. We greatly look forward to working with GridBeyond’s team of experts to help drive their next phase of growth.”
Energy management solutions from GridBeyond
GridBeyond deploys a three-pronged approach to future-proofing access to energy service whilst integrating renewables into the wider grid:
- Technology
- Consultation
- Expertise
Through specialist AI use, GridBeyond’s technology coordinates energy generation, storage and industrial load to bridge the gap between distributed energy resources and the requirements of the power grid.
- EDP
- ESB
- TotalEnergies
- Act
- DublinBIC
Investing in GridBeyond boosts the expansion of ABB’s sustainability advisory services portfolio whilst supporting ABB customers’ transition to net zero.
“We are delighted to complete this transaction. This funding, together with the support of our new partners, will enable us to expand our product offering and strengthen our leadership position in this space,” comments Michael Phelan, Chief Executive Officer and Co-founder of GridBeyond.
“Increasing the reach of our intelligent energy platform to deliver world-class AI and powerful automation capabilities to smart grid and energy markets, supports our ambition to advance the transition of the global energy networks towards digitalisation, decarbonisation, and decentralisation.”
******
Make sure you check out the latest edition of Sustainability Magazine and also sign up to our global conference series - Sustainability LIVE 2024
******
Sustainability Magazine is a BizClik brand
******
