We are delighted to announce that we have concluded our Series C funding round of $95 million.
In 2023 we more than doubled our revenues and we will use the funding to continue our growth by entering the North American market, increasing production and expanding our range of mobile power solutions to decarbonise off-grid power.
Providing a sustainable alternative to the fossil fuel generators used to power mobile work in construction, film, events and emergency services, we have shipped close to 30,000 units of our flagship product in 29 countries since it launched two years ago. With strong demand for clean mobile power solutions expected to continue, backed by supportive policy developments in both Europe and North America, there are a large number of opportunities and a mature, addressable market for our technology. As part of our North American expansion, we have hired US CEO, Rich Romer, and plan to open offices, hire across divisions, and launch new products for use in the United States and Canada.
Instagrid co-founder and co-CEO Dr Sebastian Berning:
“Our innovative products have already proven themselves in the market to customers across Europe, and the environmental and health benefits of our portable batteries over combustion generators have been demonstrated. Thanks to our unique, proprietary technology, we are sector-leading and peerless in terms of reliability, power, and durability. Our products are significantly more compact, powerful, and mobile than other battery systems. Securing funding from such long-term strategic and experienced partners reflects our strong momentum and will enable us to build on the technology that underpins our success and bring more category-defining products to the market in the near future.”
Instagrid co-founder and co-CEO Dr Andreas Sedlmayr:
“We founded Instagrid to decarbonise off-grid power and make it available to anyone, anywhere, anytime. Having worked for several years in the battery industry, we saw a crucial gap in the market - numerous portable batteries catered to camping and leisure, but what was missing was a powerful and scalable portable battery solution for professionals. Our customers are leading the way by replacing their combustion generators with Instagrids to increase efficiency, cut down operating costs, and provide pollution-free workplaces. We are thrilled to be joined by two leading global investors whose support will enable us to expand our global footprint by putting our technology in the hands of even more people.”
Following the latest funding round, Instagrid has raised more than $145 mn in total.
The round was led by Teachers’ Venture Growth (TVG), part of the C$250bn Ontario Teachers' Pension Plan, with participation from Morgan Stanley Investment Management (MSIM) 1GT climate private equity strategy. Existing investors Energy Impact Partners, SET Ventures, blueworld.group, and High-Tech Gründerfonds, as well as the chair of the advisory board, Pierre-Pascal Urbon, also contributed to the round. Additional existing investors include Segnalita Ventures and Wille Finance AG.
Avid Larizadeh-Duggan, Senior Managing Director and Head of TVG in EMEA:
“More than 50 million small, non-road combustion engines are built each year – almost all of these should be replaced by battery systems which are lower carbon, lower total cost and create a far better work environment for operators. Instagrid is making this transition possible, for the first time, by engineering battery systems which outperform the peak power of gas generators, making renewable energy accessible to businesses en masse. We have seen that Instagrid’s customers love the product and we are excited about the opportunity for Instagrid to work with our real estate, infrastructure and other portfolio companies to help them decarbonise operations in a meaningful way. We’re delighted to partner with Sebastian, Andreas and the team and to welcome Instagrid to our portfolio.”
Vikram Raju, MSIM’s Head of Climate Private Equity Investing and 1GT:
“Reducing emissions in highly CO2 intensive sectors like construction and logistics are squarely in focus for Morgan Stanley’s 1GT fund. With Instagrid we are fortunate to have found the opportunity to back a visionary team with a game changing technology and a compelling growth trajectory. We are very pleased to join the Instagrid family, along with our partners TVG, and bring Morgan Stanley 1GT’s sustainability enhancing capabilities to support the company on the next phase of their promising journey to revolutionise the way construction and logistics are powered.”
Instagrid has developed the world’s most advanced portable battery systems for professionals with challenging power demands to replace polluting fossil generators in sectors like construction, events, film, media, and emergency services. Instagrid products feature a unique architecture of stacked micro-level inverters, which enables them to be significantly smaller, lighter and more powerful than other battery systems. Instagrid portable power systems enable reliable and efficient access to clean, affordable and silent electricity for anyone, anywhere and anytime. Founded in 2018 by Dr. Sebastian Berning and Dr. Andreas Sedelmayr, Instagrid is headquartered in the Stuttgart area in Germany and has offices across Europe and the US.
To read the full press release, click here.