Plexigrid is a technology provider that develops software to optimize planning and operation of distribution‑level power grids. The company is building a next‑generation grid control technology that enables real‑time coordination between the network and millions of flexible devices. Plexigrid was selected for €6.5M in funding from the European Innovation Council’s EIC Accelerator program, a highly competitive initiative that awards less than 1% of applicants. The package includes a €2.5M non‑dilutive grant for technology development, complemented by €1M of Plexigrid’s own capital; the article states a further €4M will be injected as equity to be combined with external financing in an upcoming round. The funds will be used to finish the company’s flexibility orchestration engine, integrate it with Plexigrid’s platform, and support global expansion. The article notes the European Commission (via the EIC) is a shareholder and Plexigrid aims to establish itself as a leader in the grid‑tech space. Plexigrid develops an AI software platform that helps electric grid operators automatically increase or decrease users' electricity supply to prevent local bottlenecks and ‘‘flatten the curve’’ of demand. The system shifts consumption patterns in real time to better utilise existing grid infrastructure and can, the company claims, cut grid costs by 35–40%. Plexigrid positions its solution as a complement to the expansion of fossil-free energy sources to accelerate electrification and the green transition. The company is Gijón-based and markets its technology to grid operators facing surges in demand. Financially, Plexigrid has completed an oversubscribed €4.5 million seed round and says it received a strong valuation, though the figure was not disclosed. Management emphasises having selected long-term, experienced investors to support global adaptation and scaling of electricity networks. Plexigrid builds a grid operating system and software that converts existing power grids into flexible systems by identifying where and when grids are overloaded or underutilized. Its technology can reschedule flexible devices (electric vehicles, heat pumps, batteries) to avoid local congestion and defer costly grid upgrades. The company co-developed its core technology with utility EDP and says, at scale, it could save USD 300 billion annually in capacity upgrades for grid operators. Plexigrid was founded in 2020 and now has a team of 25 people of 14 nationalities working from Gijón (Spain) and Stockholm (Sweden). Financially, it has raised €2 million to date and is planning a follow-on financing round to raise an additional €10 million before the summer to strengthen technology and expand internationally. The company cites the IEA's "Net Zero 2050" study, noting 500–800 billion USD annual investment needs and claiming its tech could avoid roughly 35% of those investments. Plexigrid develops software that provides real-time graphical representation of electrical distribution networks using graph-database technology. The technology enables faster event detection and quicker execution of operational and planning calculations. Its product portfolio also includes tools for aggregation of energy consumption and management of distributed assets such as batteries, photovoltaic panels and electric vehicle charging points. The company is based in Asturias. Financially, Plexigrid closed a €300,000 convertible loan round in which EDP Ventures España invested €200,000 and the Sociedad Regional de Promoción (SRP) invested €100,000. EDP Ventures España reported this as its first transaction and focuses on Spanish startups addressing energy transition challenges including smart grids, storage, flexibility and digitalization.

Total raised

$14M

Funding rounds

4

Latest round

Equity

Latest activity

Mar 2024