July 18, 2024

Gorilla raises Euro 23 Mln to help Energy Companies navigate the Energy Transition

Gorilla raises Euro 23 Mln to help Energy Companies navigate the Energy Transition
Market Insights Image taken from Gorilla Website

Gorilla, a technology company that enables energy retailers to gather and process vast amounts of critical data, announces the close of its Euro 23 Mln Series B round.

In recent years, the energy sector has faced an exponential increase in data processing needs. This is due to the proliferation of smart meters, market regulations, and increasingly complex energy value chains, as well as the inherent volatility of renewable energy sources that are weather-dependent and spread far beyond the walls of the traditional electricity plant.

Outdated IT solutions and a fragmented understanding of the data have contributed to painful energy price increases unrelated to fuel costs, and led many energy providers to wrongly price their products and services, further damaging their margins.

Gorilla’s solutions help utility companies maximize efficiency, better understand energy portfolios that increasingly are influenced by distributed energy resources like solar panels, wind turbines, and battery storage, ensure operational stability, and provide bespoke pricing strategies based on individual usage patterns.

Gorilla’s cloud-based data processing platform can handle enormous amounts of energy data, enabling energy companies to achieve significant improvements in efficiency and performance compared to the current generation of on-premise solutions and overreliance on spreadsheets.

With solutions for pricing, forecasting, and portfolio analysis, Gorilla clears the path for energy companies to accelerate their net-zero transformations, react to market volatility, and adapt to regulatory changes, all while more quickly calculating residential prices and launching new B2B products.

The company’s customers include known energy retailers in the United Kingdom, Germany, United States, and Australia such as Centrica Business Solutions (formerly British Gas), ScottishPower, Shell Energy, Gas South, SouthStar, Synergy, Drax, and ENGIE. Thanks to Gorilla, Centrica managed to reduce complex quotes generation for its business customers from multiple days to under 3 minutes.

Ruben Van den Bossche, co founder and CEO, Gorilla.
Ruben Van den Bossche, co founder and CEO, Gorilla. (Photo: Business Wire)

“No one knows what the energy sector will look like 10 years from now. But in the path towards it, innovation is key. This investment into Gorilla will help energy retailers across the globe become more agile in their commercial offering while pushing or getting pushed towards net zero,” stated Ruben Van den Bossche, Co-founder and CEO of Gorilla.

Co FOunders of Gorilla
(L-R) Gorilla co-founders Ruben Van den Bossche, Willem Torfs and Joris Van Genechten.
(Photo: Business Wire)

“This funding supports our expansion into major markets like the U.S. and Germany, where the energy landscape is rapidly evolving and seeing increasing demand for data-driven solutions. Take Texas, for example—electricity prices in Houston have risen by nearly 16% over the past year, with Texans paying twice as much for electricity compared to pre-pandemic prices. Since 2022, prices have remained volatile despite the low cost of the natural gas that powers much of the grid, meaning consumers have continued to experience instability in delivered prices for residences.”

Today’s investment round is led by global venture capital firm Headline, with support from existing investors Beringea and the Flemish investment company PMV, Gorilla will use this funding to further its expansion into the United States and German markets.

“The transition to renewable energy sources, with intermittent and weather-dependent generation, results in higher grid volatility. The timing of energy consumption is crucial. Gorilla helps energy providers navigate this increased complexity. They are delivering the missing piece needed to better synchronize supply and demand. With Europe at the forefront of renewable energy generation, Headline believes that globally leading software solutions for the energy market will emerge from this region, and Gorilla is a prime example,” says Jonathan Becker, General Partner at Headline.

Piotr Bukanski, Investment Manager at Beringea, commented: “Gorilla is perfectly positioned to address energy retailers’ growing pain points, directly supporting them in the energy transition, and it is quickly becoming an industry standard. The growth that the team has delivered since Beringea’s initial investment has been exceptional. We are, therefore, excited to participate in this round and strengthen our support for the company in its next phase of growth.”

Roald Borré, Group Manager Equity Investments at PMV, stated: “Convinced of the added value of Gorilla technology and the growing importance of data analytics in the utilities sector, PMV was one of its early investors. We believe very strongly in Gorilla’s international potential and therefore welcome this Series B round that should enable Gorilla to accelerate the roll-out of their technology and become an international leader.”

With existing offices in Austin, Antwerp, London, and Melbourne, Gorilla’s further expansion across the U.S. and Europe will work to increase its impact on the energy industry across the globe.

Source

Interested to know about other funding events in the energy industry? Then please read:

SynMax Secures USD13 Million Investment from Energy Trader Bill Perkins

Octopus Energy receives USD 800m additional investment from Existing Shareholders

Dimensional Energy Receives $20 Million in Series A Funding

(Visited 14 times, 1 visits today)

Share:

Facebook
Twitter
WhatsApp
LinkedIn

 

Comments are closed.

Social Media

Most Popular

LRMF missile
Aerojet Rocketdyne joins Lockheed Martin to develop LRMF missile
Maria Jackson
BOURNEWOOD HEALTH SYSTEMS onboards Maria Jackson as CEO
Tahini located in the vibrant One Central.
GRIT Hospitality launches Tahini in Dubai
3D-Systems-EXT-1070-Titan-Pellet-printer
3D Systems and SWANY partnership to promote large-format pellet extrusion 3D printing

Related Posts