Puidoux, Switzerland, 12 February 2019 – The Swiss technology company DEPsys is to receive 13.2 million Swiss francs as part of a Series B investment. The new investors are BNP Paribas and SET Ventures. This capital increase prepares DEPsys for strong international growth. In 2018, DEPsys doubled the number of customers and is now present in ten markets across two continents. Large-scale rollouts are under way, and recently, DEPsys established its first international subsidiary in Germany.
With increasing green electricity production, the rising use of renewable energies and electromobility, and the digitalization of power grids, DEPsys' unique GridEye solution is in heavy demand. The versatile control platform allows power grid operators to run distribution grids safely, reliably and optimally. This makes it possible to feed large quantities of renewable energies into their grids from decentralized sources. GridEye also allows for the easy management and control of micro grids and neighborhood solutions. Distribution network operators in DACH, Europe and worldwide use the platform to integrate intelligent grid management technologies. This is made possible by the innovative mix of hardware and software.
Michael De Vivo, CEO of DEPsys: "We are proud to have gained the support of our renowned new investors BNP Paribas and SET Ventures. Their networks and market expertise will be invaluable for us successfully penetrating new markets. DEPsys is firmly convinced that supplying the world solely with electricity from renewable sources will be possible in the future. We have set out to accelerate the energy revolution and make it easier for grid operators. With GridEye, we have developed an innovative technology solution to drive this mission forward. It is a Swiss Army Knife with all the instruments for distribution system operators to make their energy turnaround a success, without fear of a complex, protracted and expensive transformation process."
Focus on DACH, growth opportunities in Western Europe, Asia and North America
DEPsys continues to focus on the markets in Germany and Switzerland. But the provider also aims to accelerate business in the European market and worldwide. DEPsys will continue to expand in Asia, where three major customers have been acquired. Entry into the North American market is planned.
In 2016 and 2018, DEPsys completed two successful financing rounds with Statkraft Ventures, VNT Management, ONE Creation, and Single Family Office Wecken & Cie. As a result, DEPsys was able to professionalize its corporate structure, further develop its smart grid solution and strengthen its international market presence. In 2019, together with BNP Paribas (as lead investor) and SET Ventures, they will add a further 13.2 million Swiss francs in funding. Funds with which DEPsys is gearing up for future growth.
Julia Padberg, Investment Manager at SET Ventures: “We are proud of this first investment from our new SET Fund III. DEPsys’ market leading end-to-end smart grid solution lies at the core of the energy system transition. It enables the rapid global adoption of electric vehicles and solar PV installations, whilst limiting the number of power outages and exuberant grid reinforcement costs.”
Yann Lagalaye, head of Energy Transition Capital at BNP Paribas: “DEPsys’ innovative solution, mixing bespoke hardware and groundbreaking software, comes at a perfect time. DEPsys has gathered a team of very high quality which has proven its ability to deliver an innovative though practical solution that answers actual concerns of the network operators. Its modular approach should allow GridEye to answer current and future needs of DSOs around the world.
With a broad range of applications now being available, and a business model with a global focus, DEPsys is ready to scale and BNP Paribas is very happy to be able to support this growth in the coming years.”
About SET Ventures
Since 2007, Amsterdam-based SET Ventures has invested in European technology companies that impact the future of the energy system. SET Ventures focuses broadly on innovative energy generation, energy distribution and storage, and energy efficiency. SET Fund III provides early growth-stage capital to ventures that shape the energy system transition through smart software and services-based business models. For more information please visit www.setventures.com
About BNP Paribas
BNP Paribas is a leading bank in Europe with international influence. It is present in 73 countries, with more than 196,000 employees, including close to 149 000 in Europe. The Group holds key positions in its three main business areas: Domestic Markets and International Financial Services, whose retail banking networks and financial services are grouped in Retail Banking & Services, and Corporate & Institutional Banking, which focuses on Business and Institutional customers. The Group accompanies all its clients (individuals, associations, entrepreneurs, SMEs, large companies and institutions) to help them carry out their projects by offering them financing, investment, savings and protection services. In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the first specialized financing actor for individuals in Europe. BNP Paribas also develops its integrated retail banking model in the countries of the Mediterranean basin, in Turkey, in Eastern Europe and has an important network in the Western United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas has a strong presence in Europe, a strong presence in the Americas, as well as a strong and growing one in Asia-Pacific.
DEPsys is a Swiss technology company that plays a pioneering role in the energy market. It develops innovative technology solutions that support participants in the electricity market in the efficient use of new energy sources. With the GridEye network optimization platform, DEPsys enables the measurement, monitoring and control of distribution networks for the efficient integration of renewable energy sources at decentralized feed-in and consumption points. On this basis, the company offers growing solutions that enable operators of traditional power distribution networks to overcome the new challenges. These stem, for example, from the decentralized production of renewable energy sources such as photovoltaic systems or from e-mobility charging infrastructures.
DEPsys is headquartered in Puidoux in French-speaking Switzerland on the shores of Lake Geneva. More about DEPsys: www.depsys.ch
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