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December 19, 2023

HYDROGRID Secures $8.5M to Transform Hydro in Future of Energy Amidst the Crisis

Austrian powerhouse HYDROGRID just sealed the deal on a hefty $8.5M in Series A funding with a ensemble of new players

As power market prices in Europe experience surges, the demand for intelligent, renewable power solutions intensifies. Hydroelectric power, boasting a global installed capacity of 1,330 GW and an annual generation of 4,370 TWh, stands as a formidable force, contributing over 60% to all renewable energy. Yet, despite its significance, hydropower often resides in the shadows of the energy transition. Breaking this mold, Austrian startup HYDROGRID has secured $8.5 million in Series A funding, ushering in a new era for hydropower.

Established in 2016, HYDROGRID, based in Vienna, has pioneered fully automated software solutions for optimal, real-time control of hydropower plants. Led by Janice Goodenough and Annette Mossel, the company's innovative software acts like an autonomous driving assistant for power plants. By integrating weather and market data with local sensor measurements, HYDROGRID's solution provides an optimal power plant dispatch plan in real-time. This not only reduces daily operational workload for operators but is claimed to increase power generation by up to 10% and revenues by up to 50% compared to manual operation.

In a recent Series A funding round, HYDROGRID secured $8.5 million, led by new investors Inven Capital and Karma Ventures, along with contributions from existing backers CNB Capital and SET Ventures. The injection of funds is earmarked to accelerate growth, expand into new international markets, and drive the company's commitment to a zero-carbon future. HYDROGRID's vision is to transform hydropower into a mainstream energy source by addressing current underutilization challenges, driven by a lack of digitalization and complex regulations.

As HYDROGRID empowers hydropower plants with cutting-edge technology, the narrative around hydropower's untapped potential is undergoing a paradigm shift. With a focus on sustainability and a commitment to digital transformation, HYDROGRID aims to propel hydropower into the forefront of the energy transition. The recent funding injection positions the company on an exciting trajectory, promising a brighter, more sustainable future for hydropower in Europe and beyond.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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