Withthegrid digitizes energy infrastructure for a future-proof grid

The energy transition creates fundamental changes in our energy infrastructure. While large power plants used to delivere stable electricity, thousands of solar panels and wind turbines now create unpredictable peaks and valleys. This dynamic fluctuation in supply leads to price volatility and grid congestion, as the physical limits of the infrastructure come into view.

"Europe is accelerating its transition to renewable energy sources but is simultaneously struggling with rising electricity demand and geopolitical uncertainty", acknowledges CEO Paul Mignot. "Grid congestion and secure data flows have become critical challenges."

Withthegrid addresses these challenges with the Teleport: a local controller for energy assets. It was specifically developed for users such as entrepreneurs, project developers, and energy traders. The Teleport can connect and manage more than 450 different asset types in real-time, including solar inverters from solar panels, wind turbines, batteries, and charging stations for electric vehicles.

"The Teleport enables users to monitor assets, optimize performance, and benefit from price differentiation", explains Mignot. "New assets can be easily integrated." Trusted energy partners such as Eneco, Vattenfall, Essent, Vandebron, and Novar use the system to maximize flexibility.

In addition to the Teleport, Withthegrid offers an Asset Monitoring Platform (AMP) specifically for large grid operators. This platform delivers measurement data to crucial parties such as Gasunie for gas networks and TenneT for high-voltage networks. "AMP consists of sensors that monitor whether the energy grid functions properly, coupled with a portal to provide insight", explains Mignot. "For example, they detect leaks, voltage fluctuations, and corrosion on steel pipes. As infrastructure ages, the chance of failures increases, but grid operators all struggle with a shortage of personnel to perform inspections. Our system offers a solution and can save hundreds of thousands to millions of euros annually."

The collaboration between Withthegrid and Rabobank started in 2020, when the company became a client and applied for the Rabo Innovation Loan. The AMP, which was under development at the time, aligned well with Rabobank's vision to digitize hardware monitoring in the energy sector and offer it as a service.

That first step has led to a growing relationship. Withthegrid recently closed a funding round of 3.5 million euros where Rabobank invests both directly (500,000 euros) and through the Rabo Transition Fund (1 million euros). Move Energy VC completes the round with an investment.

The financing was arranged through collaboration between Rabobank's Startup & Scale-up Team and the Energy Transition Team. This combination of knowledge about scalable companies and expertise in energy market developments enables support for innovative companies like Withthegrid in a targeted manner.

Startup & Scale-up Banker Thijs Reiling outlines the background: "We've known Withthegrid from day one and have seen how the company has strongly developed itself and its products over the past years. Partnerships generate traction, and we've received positive feedback from the market, for example from energy hubs. There are solid plans for international scaling and Move Energy is a reliable investor."

Diederik Langenberg (Energy Transition Team Sustainable Finance) speaks with many clients who have challenges in the area of grid congestion and energy management. "Then it's nice to be able to tell them that there are also companies that offer solutions for their situation. We see Withthegrid come up frequently in the market, where it speaks for them that they offer a simple, tangible solution and work independently from parties that supply assets or software. Withthegrid's Teleports give our clients control over their energy management, making them less dependent on grid operators and less vulnerable to grid congestion. It's great that through this collaboration between the Startup & Scale-up Team, Sustainable Finance, and the Rabo Transition Fund, we serve a promising client who in turn helps other clients become more future-proof."

Besides directly providing a loan, Rabobank makes additional budget available from the Rabo Transition Fund, a fund of the National Green Fund, to finance ambitious sustainable projects on a risk-bearing basis. Reiling: "As a cooperative, we have a policy that part of our profit goes to social themes such as sustainability, and Withthegrid’s proposition fits perfectly. This way we hope to realize even more sustainable ambitions of Dutch entrepreneurs.

With the new financing, Withthegrid aims to capitalize on existing market opportunities and scale quickly. The company is focusing on product development, expansion of the asset library, sales through strategic partners, and certification for new markets.

Mignot indicates that the investment accelerates European expansion and scaling of operational capacity. "We see the same problems in Belgium and Germany, but also in Greece. Legislation there appears similar to ours: in cases of overload, a grid operator must be able to intervene immediately."

Withthegrid is already active in 6 European countries and can work with more than 450 different types of energy assets. However, international expansion brings costs in terms of personnel, commercial rollout, development, and certification. "Each country sets its own requirements, for example in the area of cybersecurity", says Mignot.

Following the recent investment round, Withthegrid is well-positioned to help grid operators and energy users worldwide overcome challenges and retain control over vital resources. "Our mission remains clear: enabling reliable and future-proof energy flexibility", says Mignot.

Do you also have an innovative idea as an entrepreneur that contributes to the energy transition? A specialized team at Rabobank supports startups and scale-ups with financial solutions, knowledge, and networks. From innovation loans to growth capital - discover which financing form suits you.