Swiss renewable energy startup DEPsys raises €11.6 million for its smart grid solutions

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Swiss startup DEPsys believes that the world should be powered entirely by renewable energy. And with its GridEye solution, it is paving the way towards a future of smart grids and microgrids. The clean energy startup has just raised €11.6 million as part of its Series B investment round, with new investors BNP Paribas and SET Ventures, which DEPsys will use to accelerate its international growth plans.

With increasing production of green electricity, the rising use of renewable energies and electromobility and the digitisation of power grids, DEPsys’ GridEye solution is in heavy demand. Its versatile control platform allows power grid operators to run distribution grids safely, reliably and optimally – making it possible to feed large quantities of renewable energies into their grids from decentralized sources. GridEye also allows for the easy management and control of micro grids and neighborhood solutions.

“We are proud to have gained the support of our renowned new investors BNP Paribas and SET Ventures,” said Michael De Vivo, CEO of DEPsys. “Their networks and market expertise will be invaluable for us successfully penetrating new markets. DEPsys is firmly convinced that supplying the world solely with electricity from renewable sources will be possible in the future. We have set out to accelerate the energy revolution and make it easier for grid operators. With GridEye, we have developed an innovative technology solution to drive this mission forward. It is a Swiss Army Knife with all the instruments for distribution system operators to make their energy turnaround a success, without fear of a complex, protracted and expensive transformation process.”

Based in Puidoux, Switzerland, DEPsys doubled its number of customers in 2018, and is now present in ten markets across two continents.

“DEPsys’ market leading end-to-end smart grid solution lies at the core of the energy system transition,” said Julia Padberg, Investment Manager at SET Ventures. “It enables the rapid global adoption of electric vehicles and solar PV installations, whilst limiting the number of power outages and exuberant grid reinforcement costs.”

“DEPsys’ innovative solution, mixing bespoke hardware and groundbreaking software, comes at a perfect time,” said Yann Lagalaye, head of Energy Transition Capital at BNP Paribas. “DEPsys has gathered a team of very high quality which has proven its ability to deliver an innovative though practical solution that answers actual concerns of the network operators. Its modular approach should allow GridEye to answer current and future needs of DSOs around the world.”

DEPsys will continue to focus on the markets in Germany and Switzerland, while aiming to accelerate business in the wider European market and worldwide. DEPsys will also continue to expand in Asia, and plans to enter the North American market soon.

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