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December 7, 2021

Grid Edge secures funding in drive to reduce carbon impact of buildings

Cleantech start-up Grid Edge has closed a new £2m funding round with participation from bp ventures, Goldacre (part of the Noé Group) and Aston University.

This latest injection will accelerate the company’s mission to reduce the carbon footprint of the built environment, highlighted by Grid Edge’s partnerships with major British property development and investment company Hammerson PLC and the Royal Opera House. Grid Edge also unlocks flexibility in commercial buildings to advance to a green electric future, as seen with its partnership with Smartest Energy and Marubeni.

The additional funding recognises the value and growth that Grid Edge has continued to deliver despite the significant impact of the pandemic on its core market, including shopping centres, airports and universities. The funding provides a platform to scale up and mature the business over the next 18-24 months. It will enable the company to reach more customers, develop new products and further grow its skilled team.

Following COP26, the critical importance of reducing carbon emissions has never been more widely recognised. The race to net zero is on and with commercial buildings making up 40% of global carbon emissions, this funding marks an exciting turning point in reducing environmental impact in the built environment.

Tom Anderson, co-founder at Grid Edge, said: “This funding round further strengthens our collaboration with bp, Goldacre and Aston University, who have shown equal ambitions in accelerating the growth of Grid Edge. Optimising energy demand to reach net zero is now an essential requirement for businesses. We are proud to provide many leading companies with predictive AI technology to reduce energy consumption and save money.”

David Bloom, founding partner at Goldacre (Noé Group), said: “We saw the huge potential in Grid Edge back in 2019 and wanted to help support the business in scaling up and expanding its service delivery. Now more than ever optimal energy management is an essential demand of businesses and consumers and so by leveraging smarter digital technologies, we can significantly reduce carbon emissions whilst making buildings more energy efficient. We look forward to supporting the Grid Edge team as they enter this exciting new business phase.”

Nacho Gimenez, managing partner at bp ventures, said: “Grid Edge’s predictive AI technology empowers building managers to reduce their energy demand, decrease costs and lower their carbon footprint, without the need for additional investment. It is a smart, simple and effective solution that is already making a difference to many building owners in the UK. We are delighted to continue to support them as they scale up and help drive forward the energy transition.”

Neil Scott, chief operating officer at Aston University, said: “This is wonderful news for all parties involved and is further testament to the work being done at Grid Edge. I look forward to continuing my work within Aston University and the Grid Edge board in working towards a net-zero world through collaboration and innovation. It is something we are all proud to be part of.”

For more information or to arrange interviews with key spokespeople, please contact:

Grid Edge | joy.doyle@gridedge.co.uk | +44 (0)7581 177035 (Joy Doyle)

The PR Office (Goldacre) | goldacre@theproffice.com | +44 (0)7919 877036 (Drew Salisbury)

About Grid Edge: Grid Edge was founded in 2017 by three members of the Aston’s Energy Research Institute. In a volatile energy system where the cost and carbon intensity of power literally changes with the wind, knowing what is going to happen next can give smart consumers a real advantage. Whether it is lowering their carbon footprint, reducing energy costs or maximising the comfort of their tenants and visitors, Grid Edge is proud to be working with some of the UK’s leading building operators to optimise their energy profile through our predictive AI technology. The company provides a proprietary Software-as-a-Service solution, underpinned by machine learning, to manage the energy profile of industrial and commercial spaces. For further information, please visit: https://gridedge.ai/

About Goldacre: Goldacre (formerly Goldacre Ventures) is the venture capital arm of the Noé Group, a £2.5bn family office-led investment house. Goldacre backs early stage, tech-led innovative businesses focused on the smart built environment. We look for exceptional entrepreneurs with big ideas, clear vision and the conviction to drive them forward. Our capital is patient and our management proactive, allowing our teams the latitude to create long-term value. For further information, please visit: http://goldacre.com/

About the Noé Group: The Noé Group is an innovative family office providing investment management and advisory services in real estate and PropTech. Founded in 2017 by Zvi Noé, Raphael Noé, David Bloom and Leo Noé, one of the property industry’s most prominent executives, the Noé Group is built on more than 40 years of successful family office investment. The Noé Group operates throughout the UK, Europe and Israel with over £2.5bn in assets under management through its principal businesses, Capreon and Goldacre. For further information, please visit: http://noegroup.co.uk/

About bp ventures: bp ventures was set up more than 10 years ago to identify and invest in private, high growth, game-changing technology companies, accelerating innovation across the entire energy spectrum. Since then, bp has invested almost $800 million in technology companies across more than 40 active investments with more than 250 co-investors.

bp ventures focuses on connecting and growing new energy business. It makes strategic equity investments across a portfolio of relevant technology businesses including advanced mobility, low carbon and digital.
Nacho Gimenez, Managing Partner, bpventures holds a director seat on the board of Grid Edge. For more information, please visit: https://www.bp.com/en/global/bp-ventures.html

About Aston University: Founded in 1895 and a university since 1966, Aston is internationally recognised for being a research-led University and known for its world-class teaching quality and strong industry partnerships, government and commerce. For more information, please visit: https://www.aston.ac.uk/