Triodos Energy Transition Europe Fund is reinforcing its commitment to Irish startup GridBeyond Storage with a new investment of €11.25 million in the next phase of their partnership. This substantial investment forms part of a combined total of €12.5 million earmarked for GridBeyond Storage, a joint venture dedicated to accelerating the deployment of Behind-the-Meter (BTM) battery energy storage systems (BESS) across the UK and Ireland.
Two BESS projects are already in the pipeline, with a combined capacity of 8 MWh slated for Ireland and Scotland. These projects are expected to enhance energy resilience and support the integration of more renewable energy into the grid.
Michiel van Beek, Head of Project Equity at Triodos Investment Management said: “We are very pleased to be extending our relationship with GridBeyond following a positive first two years working together. This next phase of our partnership is a highly promising development for our fund and our investors […] This collaboration keeps us at the forefront of sustainable energy investment.”
GridBeyond’s Deputy CEO, Richard O’Loughlin, added: “We are delighted to evolve our collaboration with our partners at the Triodos Energy Transition Europe Fund. This partnership has already allowed us to deliver innovative battery storage solutions for our industrial and commercial customers in Ireland and the UK. It’s great to have the opportunity to deliver further flexible energy across the UK and Ireland to support the energy transition journey to a net-zero future. As more renewables are integrated into the energy market, batteries are a great asset, which can provide our Industrial and Commercial customers with more resilience, mitigate risk of power interruption, support grid connection challenges and deliver ultimately deliver value for our customer also through cost savings and carbon reduction.”
GridBeyond is exploring other cutting-edge opportunities, such as BTM solar photovoltaic (PV) and electric vehicle (EV) charging projects for commercial and industrial customers.
Since launching the partnership in 2022, they have established GridBeyond Storage as a 50/50 joint venture, achieving notable milestones in the energy sector. Key achievements include a 1.1 MWh BESS project at Carey Glass in Ireland, which has been operational since March 2023, and an 8.3 MWh BESS project at O-I Glass in Scotland, set to go live in January 2025.
