SMEG invests in French smart grid software company


GridPocket SAS announced closing of a financing round including an entry of Societé Monegasque d’Electricité et du Gaz (SMEG) into its capital yesterday. This investment will further support the expansion of GridPocket energy efficiency services.

GridPocket provides cloud value-added service platforms for electric and gas utility companies. Founded by a team of scientists and engineers specialised in artificial intelligence (AI) and social science, over the years, the software company has utilised the usage of energy data to reinforce the relationship between utilities and their customers, securing long-term utility revenues, and supporting the global environmental protection agenda.

The PowerVAS platform enables utilities to take a proactive role in the construction of new digital ecosystems related to energy efficiency, smart home, electric cars and renewable production. These solutions are currently used by residential and business sectors in France, UK, Italy, Monaco and Poland.

SMEG operates electric, gas and urban heat distribution grids as well as commercialisation activities for over 25,000 customers in the Principality of Monaco.

According to Thomas Battaglione, SMEG’s general director: “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”.

“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 Frost & Sullivan, 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.


Featured picture credit: Mайкл Гиммельфарб