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DEPsys raises CHF 13.2 million to boost international growth

12.02.2019 15:01
renewable energy

BNP Paribas and SET Ventures invest in Swiss technology company DEPsys. In 2018, DEPsys doubled the number of customers and is now present in ten markets across two continents. Large-scale rollouts are under way.

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 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. With GridEye, we have developed an innovative technology solution to drive the energy revolution 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."

Growth opportunities around the world
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, comments: “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, says: “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.”

(Press release)
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