SMEG, the utility from Monaco, invests in GridPocket

The French smart grid software pioneer, GridPocket SAS, completed a new financing round including a strategic minority investment of SMEG, the electric and gas utility company of Monaco. This investment will further support the expansion of GridPocket energy efficiency services.

GridPocket SAS announced closing of a financing round including an entry of Societé Monegasque d’Electricité et du Gaz (SMEG) into its capital.

SMEG operates electric, gas and urban heat distribution grids as well as commercialization activities for over 25 thousands customers in the Principality of Monaco. SMEG is one of the key players supporting the ambitious environmental agenda of the Principality of Monaco.

GridPocket is an innovative software company, providing cloud value added services platforms for electric and gas utility companies. Founded by a team of scientists and engineers specialized in artificial intelligence (AI) and social science, GridPocket has elaborated throughout several years of research, development, and large scale consumer tests a unique and mature approach enabling usage of energy data to reinforce the relationship between utilities and their customers, securing long term utilities revenues, and supporting the global environmental protection agenda.

This unique technology, developed in partnership with leading European research centers and Fortune 500 industrial partners, enables to associate the efficiencies of energy grids with easy to understand consumer’s advantages. Thanks to GridPocket PowerVAS platform, the utilities can take a proactive role in construction of new digital ecosystems related to energy efficiency, smart home, electric cars and renewable production. GridPocket solutions are currently used by residential and business sectors in France, UK, Italy, Monaco and Poland.

Thomas Battaglione, SMEG’s General Director, comments on the news: “SMEG has been successfully using GridPocket cloud energy products for several years in order to serve customers and support strategic evolution. Our investment will help us to assure our long term goals, and it will help international energy providers to benefit from GridPocket’s solutions”.

The energy companies need to urgently deal with unprecedented business disruptions related to the market deregulation, environmental constraints, decentralized production and fast evolving digital technologies. GridPocket enables them to leverage their existing strengths such as technical competencies, sales channels and consumer trust.

“SMEG strategic investment will bring the necessary means for an international growth, while GridPocket will also benefit from SMEG’s operational experience and support in front of other utilities.” comments Filip Gluszak, CEO and co-founder of GridPocket SAS, on the partnership with SMEG.

According to the Frost & Sullivan analysts, the global smart grid market will represent $121.6 billion in 2025 and with an installed base of smart AMI meters reaching 1.32 billion units. As energy companies are embracing changes and new digital solutions, GridPocket will be present to help them to succeed.

The financing round of GridPocket has been additionally joined by the capital investors of Mediteranée Investissements, actively supporting GridPocket since 2011.

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