The round was led by new shareholders Inven Capital and Karma Ventures with contributions from existing investors CNB Capital and SET Ventures.
This funding will enable HYDROGRID to accelerate even further on its rapid growth path over the last years, expand into new markets and enable a successful transition towards a zero-carbon future.
Hydropower is the largest source of renewable energy worldwide. With 60% of all global renewable generation coming from hydro it has the capability to provide reliable baseload energy 365 days per year, giving it a crucial role in terms of security of supply. Globally, it is the largest available source of grid-scale storage and will continue to provide roughly 500 times as much capacity as battery technology even past the year 2035.
“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 digitalization or due to complex regulation. And that's what we aim to change.” says Janice Goodenough , CEO of HYDROGRID.
Michal Mravec, Investment Director at Inven Capital underscores this, saying, “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."
The HYDROGRID board is excited to be working together towards their joint goal – to make hydro a power for the future and unlock the technology's full potential.
“We believe that hydropower digitalization 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," said Tommi Uhari, Partner at Karma Ventures.
