Plexigrid, a Stockholm-based innovator in electric grid technology, has announced a €6.5M funding boost from the European Innovation Council (EIC) Accelerator Programme. This investment underscores Plexigrid’s commitment to revolutionizing the energy sector and addressing the challenges of transitioning to renewable energy sources.
The funding package includes a non-diluting €2.5M technology development grant and €1M in equity capital from Plexigrid itself. The EIC has contributed an additional €4M in equity capital, which will be leveraged in the company’s forthcoming funding round. This capital injection will expedite the completion of the firm’s flexibility orchestration engine and platform integration, setting the stage for global expansion.
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Transforming Electricity Grids for Renewable Energy
The swedish firm is tackling the outdated electricity grid infrastructure, a significant barrier to the adoption of renewable energy. The company’s advanced grid control technology facilitates real-time coordination between the grid and various flexible devices, paving the way for a more intelligent, economic, and sustainable electricity ecosystem.
A Vision for the Future of Electricity Distribution
Alberto Méndez, CEO of Plexigrid, expressed enthusiasm about the partnership with EIC, highlighting the European Commission’s stake in Plexigrid as a signal of the EU’s commitment to leading the development of next-generation grid technology. “Our belief is that the electricity ecosystem can be operated in a far more intelligent, economic, and sustainable manner,” Méndez stated, emphasizing the importance of such advancements for the sustainable electrification and decarbonization of society.
Founded in 2020 by industry veterans Alberto Méndez, Rubén Medina, and Pablo Arbóleya, Plexigrid specializes in software development to optimize the planning and operation of distribution-level electricity networks. The company’s solutions enhance network utilization, integrating renewable energy, charging infrastructure, heat pumps, and energy storage to unlock additional capacity.
With this significant funding from the EIC, the startups is well-positioned to lead the charge in transforming electricity grids for the energy transition, contributing to a more sustainable and efficient future.
