Vancouver-based Corinex has raised $30 million USD ($42 million CAD) to support the deployment of its power grid visibility offering in Europe.
The all-equity round was solely backed by European investors, led by United Kingdom-based Energy Growth Momentum, with participation from Spanish investment firms Suma Capital and Adara Ventures. Energy Growth Momentum and Suma Capital are gaining seats on Corinex’s board as a result of the round.
The capital will support Corinex’s ongoing deployments, research and development, and employee costs in major European electricity markets, including Germany, Spain, and the UK, a Corinex spokesperson told BetaKit in an email.
Corinex is deploying its technology with a European multinational electric utility company.
“As Europe intensifies its energy transition, the demand for advanced grid intelligence solutions is more critical than ever,” Suma Capital senior partner Natalia Ruiz said in a statement. “These solutions are the backbone of a resilient and sustainable power system.”
Corinex provides broadband over power lines (BPL)-based electricity grid visibility and flexibility products. The company claims its products, which include data-collecting sensors and a software platform, help automate electricity infrastructure with real-time load balancing, which it says is essential for increasing the capacity of low-voltage energy infrastructure.
Corinex has raised $60 million in total funding to date, the spokesperson said, though this is the company’s first external raise. Founder and CEO Peter Sobotka was previously the company’s sole investor, contributing $20 million, while another $10 million came from the Government of Canada’s SR&ED program.
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While Corinex currently doesn’t have any Canadian customers, the spokesperson said Corinex is deploying its technology at scale with European multinational electric utility company E.ON in Germany. It also counts E.ON as a customer in the UK, and has more than a dozen other utility customers across Europe.
European markets, such as Germany, Spain, and the UK, are attractive to Corinex due to their strong regulatory push toward grid modernization, the spokesperson said, citing Germany’s GNDEW (“Law to restart the digitalization of the energy transition”), Spain’s renewable energy expansion, and the UK’s G100 grid regulations.
“These countries are leading the transition to decentralized and digitalized energy systems, supported by national strategies,” the Corinex spokesperson said. “Corinex’s BPL-based grid flexibility solutions align perfectly with these needs.”
Feature image courtesy Corinex.