Austrian HYDROGRID, has announced the closing $8.5 million in a Series A funding to accelerate the international expansion. The round was co-led by Inven Capital and Karma Ventures.
- Founded 2016 in Vienna, HYDROGRID provides production planning solution that combines machine learning algorithms for inflow and power price forecasting with intelligent optimization across the short-, medium- and long-term horizon for run-of-river, pondage, storage, and cascade hydro-assets. This enables hydro power operators to react in real time to weather events, minimize water losses and maximize their power market revenues while ensuring environmental and operational safety and compliance.
“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 digitalisation or due to complex regulation. And that’s what we aim to change.”
Janice Goodenough, CEO of HYDROGRID added.
- The startup operators in 7 countries has grown by more than 3X in two years. HYDROGRID aims to save more than 50 million tonnes of CO2 by 2033 and to make hydro a power for the future.
- The investment was led by Czech Inven Capital, Tallinn-based Karma VC, with participation from existing investors CNB Capital and SET Ventures. It will enable HYDROGRID to accelerate even further on its rapid growth path over the last years, expand into new markets and enable a transition towards a zero-carbon future.
