Energy tech firm GridBeyond has raised £9 million in its latest funding round.

The Watford- and Dublin-based firm said it will double its workforce in the next three years and increase its R&D.

It also plans to increase its market share in the UK & Ireland and establish operations in international markets.

Portuguese utility EDP led the Series B round with other investors including ESB, Act Venture Capital and Total Carbon Neutrality Ventures, the venture capital arm of the Total Group.

Michael Phelan, chief executive and co-founder at GridBeyond, said: “This supports our ambition to advance the transition of the global energy networks towards digitalisation, decarbonisation and decentralisation.

“All while enhancing commercial and operational benefits for market participants through fast-acting automation and optimisation of demand and distributed generation.”

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