GridBeyond strengthens its position in the US market, acquires Veritone’s energy business

Chemicals industry

The acquisition brings together two highly innovative companies specialising in energy forecasting, trading, and optimisation. GridBeyond’s technology platform enables real-time optimisation of distributed assets across various industries and types of assets.

Led by Michael Phelan and Richard O’ Loughlin, GridBeyond supports electricity grid integration with renewables to make the leap to a greener future.

Veritone Energy utilises AI-powered software to transform energy ecosystems by providing intelligent, real-time energy forecasting, optimisation, and control. These capabilities unlock the full potential of distributed energy resources (DERs) while enhancing reliability.

By combining these technologies, GridBeyond will be able to provide enhanced functionalities to its customers through a new design platform. The integration of an exceptionally accurate forecasting technology, led by GridBeyond’s data science team, will further advance its market-leading product. This will empower customers to generate revenues and receive support in their transition to achieving net-zero emissions goals.

Michael Phelan, GridBeyond Chief Executive Officer and Co-Founder commented: “The acquisition of Veritone Energy is another strategic step we are taking to expand our reach and capabilities in the management and optimisation of distributed energy assets, and we are delighted to welcome their team to GridBeyond.”

“By combining the capabilities of both organisations, we offer customers a comprehensive suite of energy management and energy trading solutions that leverage the power of AI and machine learning. The acquisition will also enable GridBeyond to expand its reach in North America and strengthen its position as a global leader in optimisation and management of distributed energy assets.”

Sean McEvoy, General Manager of Energy at Veritone added: “We couldn’t be more excited to join the GridBeyond team. Our customers and partners will benefit from working with a global, trusted leader in the energy industry with extensive experience providing AI-powered solutions for trading and energy management.”

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