Gijon, February 29, 2024 - Plexigrid, a pioneering leader in grid control technology, proudly announces its selection for funding by the European Innovation Council (EIC) Accelerator Program, receiving a significant investment of 6.5 million Euros. This prestigious endorsement underscores Plexigrid's commitment to revolutionizing the energy sector and addressing critical challenges in the transition to renewable energy sources.
The EIC Accelerator Program represents Europe’s premier deep-tech grant initiative, with less than 1% of applicants receiving financial support. Plexigrid’s selection highlights its innovative approach to resolving the critical bottleneck in electricity grids, which have remained largely unchanged for over a century.
Electricity grids, designed 100 years ago for a very different energy system, have emerged as a primary obstacle in the transition to renewable energy. With the proliferation of solar panels, electric vehicles, and other renewable technologies, the outdated grid infrastructure has become a significant impediment to progress. Plexigrid address this challenge through the development of a next-generation grid control technology, enabling real-time coordination between the grid and millions of flexible devices.
“We are delighted to partner with EIC. Having the European Commission as shareholder of Plexigrid, signals EU’s determination to make Europe’s electricity distribution grids the world’s most intelligent, flexible and sustainable, and to take a pioneering role in developing the world’s next generation of grid technology.”, says Alberto Méndez, CEO of Plexigrid.
Out of the total 6.5 million Euro, 2.5 Million correspond to a non-diluting technology development grant. Supplemented by 1 million Euros in equity capital from Plexigrid, this investment will facilitate the completion of Plexigrid’s groundbreaking flexibility orchestration engine, and its integration with the company’s platform. The remaining 4 million Euros will be injected as equity capital by EIC, to be blended with external funding in Plexigrid’s upcoming funding round. These funds will support the global scaling of Plexigrid’s platform and enable the company to establish itself as a leading force in the grid-tech space.
Plexigrid remains committed to driving innovation and sustainability in the energy sector, leveraging its partnership with EIC to pioneer transformative solutions for the challenges of tomorrow.
For more information about Plexigrid and its innovative grid control technology, visit www.plexigrid.com.
Further information
Alberto Mendez Rebollo, CEO Plexigrid +46 738 482 436
al*****@pl*******.com
Linda-Maria Wadman, Business Development Manager, Plexigrid
+46 703 810 802
li****************@pl*******.com
About Plexigrid
Plexigrid is a technology provider that develops software to optimize the planning and operation of electricity networks at the distribution level. Plexigrid’s solutions can increase the utilization rate of the network and free up capacity by using flexibility to integrate more renewable energy, charging infrastructure, heat pumps and energy storage. The company is based in Gijón, Spain and Stockholm, Sweden. Plexigrid was founded in 2020 by Alberto Méndez, former Regional CEO at Siemens-Gamesa and Head of Wind at Vattenfall; Rubén Medina, Head of Engineering and Construction at OX2 and Vattenfall; and Pablo Arbóleya, Professor of Electrical Power Engineering at the University of Oviedo.
