Instagrid raises €29M Series B
- Instagrid, the Ludwigsburg-based off-grid battery expert, raises $33 million in a Series B financing round
- The technology offers mobile power supply from renewable sources that is entirely disconnected from the power grid
- Climate tech investor Energy Impact Partners led the financing round
- This funding will drive the international expansion of the company and the development of new, scalable business models
Ludwigsburg, 09.02.2022 – instagrid, a leader in high-performance mobile battery systems in the professional sector, announced today its Series B financing of approximately $33 million (€29 million). The round is being led by Energy Impact Partners (EIP), a U.S.-based venture capital firm investing in businesses building a sustainable future. As a result, instagrid’s total funding rises to more than $45 million (€40 million). Instagrid is using the new funds to drive its international expansion in Europe and the US. In addition, the battery platform will expand to include digital services and connectivity, enabling smart, customized energy solutions in the future.
As the most compact and lightweight system on the market, instagrid’s high-performance battery makes it possible to use electricity from renewable sources in any location. Instagrid’s technology replaces environmentally harmful combustion engines, such as those predominantly used today for portable power for construction, events or off-grid areas. Every year 50 million of these fossil-fueled combustion engines are sold. So far, this segment has received little attention in the energy transition, despite generating high CO2 and pollutant emissions. Instagrid reduces CO2 emissions by up to 85 percent over the entire product life-cycle.
As a sustainable alternative to combustion engines, instagrid counts many of Europe’s leading construction companies, and service and infrastructure providers as customers. These include Strabag, Skanska and the Swiss Federal Railways (SBB). SBB uses instagrid for building and maintaining its tracks, replacing diesel generators.
“EIP’s mission is to back the best founders who are working to decarbonize industries with innovative technologies. Mobile power-generation through combustion engines is as big of a problem as passenger cars and has been overdue for disruption. We have been very impressed by Sebastian and Andreas, who have engineered the best product in the market and scaled instagrid rapidly. We are proud to support their global expansion”, says Matthias Dill, Managing Partner at Energy Impact Partners.
All existing investors participated in this financing round, including SET Ventures, Segnalita Ventures, blueworld group, Hightech Gründerfonds and Wille Finance AG. Pierre-Pascal Urbon, the chairman of the advisory board and the former CEO of the listed solar electronics specialist SMA, also invested in the company.
“Instagrid is transforming the outdoor economy with its industry leading, mobile power systems that enable mobile workers to operate sustainably,” said Anton Arts, managing partner at SET Ventures,. “Instagrid’s founders have assembled the strongest team in energy storage systems to drive Instagrid’s ambitious road map and disruptive technology into new markets and use cases.”
Instagrid’s mobile battery solutions not only protect the environment, but also ensure reliable and efficient access to electricity for professional end-users. This allows them to offer their own customers high-quality and innovative services wherever they are, as well as provide a better customer experience without noise and exhaust fumes.
“We are delighted to help make the transition to sustainable energy even more effective with the new funds. Mobile battery storage systems add speed and flexibility to the energy transition and will enable the electrification of many sectors of the economy in the first place,” explains Sebastian Berning, CEO and founder of instagrid together with Andreas Sedlmayr.
Amsterdam-based SET Ventures invests in European technology companies that positively impact the energy system transition. We focus on exceptional teams that address the climate crisis through digital technologies and disruptive business models.
About Energy Impact Partners
Energy Impact Partners, LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $2.0 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of nearly 60 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.
instagrid is specialised in mobile off-grid batteries, driving the energy system transition for off-grid electricity, which today is still dominated by combustion engines. With its patented technology, instagrid offers the provision of clean mobile power without compromises enabling the off-grid economy of tomorrow to power their work in a sustainable way. Already shipping to the entire EU, instagrids market-leading product, instagrid ONE, provides professionals in sectors such as construction, events or public safety with reliable and efficient access to electricity to replace highly polluting generators.