MADRID, Spain and STOCKHOLM, Sweden, June 20, 2022 (GLOBE NEWSWIRE) -- Recognizing its contributions to sustainability and smart cities, electricity grid software startup Plexigrid won the EmprendeXXI award in the “Ciudad XXI” category.
Plexigrid, a startup founded in 2020, was recognized by a panel of more than 100 judges. The award presented on June 10th during the South Summit 2022 event includes a cash prize, world-class capacity-building opportunities, and access to investors.
“Electricity grids, the backbone of the energy system, are quickly becoming the largest bottleneck as the world transitions to sustainable energy. The software we developed, essentially from scratch, helps grids overcome this challenge and become more efficient and sustainable,” said co-founder and CEO Alberto Méndez.
“We are honored to have been awarded the EmprendeXXI award, which recognizes the importance of our technology for global sustainability efforts,” he added.
The EmprendeXXI awards recognize startup companies that provide sustainable, safe and intelligent solutions. The award is sponsored by CaixaBank and the Ministry of Industry, Commerce, and Tourism of Spain through the European Union Agency for Cybersecurity. The award includes a EUR25,000 prize, access to specialized international support from the ESADE university and experts from Silicon Valley in Munich, Germany, and the opportunity to participate in the EmprendeXXI Investors Day.
Plexigrid co-developed its revolutionary grid technology with the leading energy utility EDP. At scale, Plexigrid’s technology has the potential to save USD300 billion annually in capacity upgrades for grid operators worldwide.
Since its founding, the company has achieved a series of rapid successes, including multiple awards and a successful USD2 million fundraising round led by TheVentureCity, a global early-stage venture capital fund headquartered in Miami. Plexigrid is now planning the next steps in its growth strategy, which includes another EUR10-million round of financing to further strengthen its technology and expand internationally.
Plexigrid can convert existing electricity grids into flexible ones. Its deep tech shows where and when the grid is overloaded or under-utilized.
Plexigrid’s technology makes it possible for electricity providers to facilitate the shifting of flexible devices, such as charging of electric vehicles, running heat pumps or charging batteries, to off-peak hours and minimize local grid congestions. By shifting this electricity demand, grid operators can save on costly and time-consuming grid upgrades.
According to the International Energy Agency’s “Net Zero 2050” study, USD500-800 billion will be needed every year from 2030 onwards to make global grids fit for the coming energy transition. Plexigrid’s technology would make as much as 35% of these investments unnecessary, savings that could be shared with electricity consumers.
Plexigrid is a deep tech startup focused on the electricity grid space founded in 2020 and based out of Gijón, Spain, and Stockholm, Sweden. The company has an international team of 25 people and 14 nationalities. Plexigrid was founded by Alberto Méndez, former Regional CEO at Siemens-Gamesa and Head of Wind at Vattenfall; Rubén Medina, Director of Engineering and Construction at OX2 and Vattenfall; and Pablo Abóyela, Professor in Electrical Engineering and founder of the Laboratory for Electrical Energy Management Unified Research at the University of Oviedo.
