Sweden’s Plexigrid secures €6.5M from the European Innovation Council: Know more

Stockholm-based Plexigrid, a company that claims to reinvent electric grids for the energy transition, has secured €6.5M in a fresh round of funding from the European Innovation Council (EIC) Accelerator Programme.

Plexigrid’s latest funding comprises a non-diluting €2.5M technology development grant and €1M in equity capital from Plexigrid. EIC contributed the remaining €4M as equity capital, to be combined with external funding in Plexigrid’s next funding round.

According to Plexigrid, this investment highlights the company’s dedication to transforming the energy sector and tackling key challenges in the shift to renewable energy sources.

Capital utilisation

The funding will drive the completion of Plexigrid’s flexibility orchestration engine and platform integration. These resources will fuel global scaling.

Alberto Méndez, CEO of Plexigrid, says, “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.”

Reinventing electricity grids

Outdated electricity grids pose a major hurdle in the shift to renewable energy, according to Plexigrid. 

The Swedish company addresses this challenge with advanced grid control technology, enabling real-time coordination between the grid and various flexible devices.

Co-founder Alberto Méndez says, “Our belief is that the electricity ecosystem can be operated in a far more intelligent, economic and sustainable manner and that such improvements are an absolute pre-requisite for the sustainable electrification and decarbonisation of our society.”

Plexigrid, headquartered in Gijón, Spain, and Stockholm, Sweden, specialises in software development to optimise the planning and operation of distribution-level electricity networks.

Founded in 2020 by industry experts Alberto Méndez, Rubén Medina, and Pablo Arbóleya, Plexigrid’s solutions enhance network utilisation, unlocking capacity by integrating renewable energy, charging infrastructure, heat pumps, and energy storage.