#Canada #Vancouver #Corinex #energy growth #Grid Flexibility

Corinex Receives $30 Million to Expand Grid Flexibility Solutions

Corinex, a trailblazer in the realm of visibility and flexibility for energy networks leveraging broadband over power lines (BPL) technology, recently declared that it has secured a robust investment of $30 million. This funding round, spearheaded by Energy Growth Momentum along with notable contributions from Suma Capital and Adara Ventures, marks a pivotal moment in the company's mission to enhance the deployment of its innovative grid solutions globally.

Located in Vancouver, British Columbia, Corinex is set on a path of expansion that aligns with the growing need to modernize energy infrastructures across various international markets, particularly within Europe. With this infusion of capital, the aim is to not only address current limitations within energy networks but also to implement systems that significantly improve resilience and enhance overall security in energy distribution.

The Need for Innovative Solutions in Energy Networks

As the globe continues to confront the pressing realities of energy demands and the urgent transition towards low-carbon technologies (LCTs), companies like Corinex are stepping into a pivotal role. The investment is expected to catalyze advancements in areas critical to energy systems, including real-time visibility and flexibility solutions that can adapt to the rapid electrification of transport, heating, and decentralized renewable energy sources.

Peter Sobotka, Founder and CEO of Corinex, emphasized the strategic importance of this investment, asserting, "The global energy networks are at a critical crossroads, necessitating scalable and real-time solutions to respond to the rapid electrification of various sectors. Through our BPL technology, we provide transformative approaches that swiftly enhance network capacity with minimal costs."

The support from Energy Growth Momentum, Suma Capital, and Adara Ventures underpins the belief that Corinex is uniquely positioned to lead the charge in creating smarter and more resilient energy networks. This backing is not only a vote of confidence in the technological capabilities of Corinex but also reflects a shared vision for a sustainable energy future.

Growth in Key European Markets

The funding will significantly bolster Corinex's ongoing projects in key European electricity markets, including Germany, Spain, and the UK, where essential network operators have begun to adopt and, in some instances, standardize new low-voltage network use cases critical to mass decarbonization efforts.

Corinex's commitment to providing BPL solutions compliant with current standards solidifies its standing as a crucial player in industry standardization associations. The high data rates and edge-computing capabilities inherent in its technology are vital for increasing the capacity of low-voltage energy infrastructure worldwide.

John Wilson, a partner at Energy Growth Momentum, voiced the increasing necessity for modernizing energy networks, stating, "As the transition to renewable energy intensifies, the pressures on global energy networks are mounting. Corinex's technology transforms traditional infrastructure challenges into smart software solutions, allowing utilities to dynamically manage network congestion without incurring costly upgrades."

Collaborations with Investment Partners

The insights from Suma Capital and Adara Ventures indicate a growing synergy among investors and companies focusing on sustainable energy transition. Natalia Ruiz, a senior partner at Suma Capital, pointed out that Europe's accelerated energy transition necessitates advanced grid intelligence solutions now more than ever.

"Corinex’s ability to deliver real-time control and end-to-end visibility across distribution networks is essential for making strides towards a low-carbon economy," she added, underlining the alignment of Corinex's initiatives with the EU's decarbonization objectives.

In parallel, Alberto Echeverri of Adara Ventures highlighted the strategic nature of this investment, remarking, "Investing in Corinex presents a unique opportunity to back a firm that is redefining network management. This follows our success with a semiconductor company specializing in PLC for smart energy solutions, indicating the immense potential Corinex holds in innovating the next generation of electric networks."

Conclusion

Corinex stands at the forefront of the energy transition movement, backed by promising investments that fuel its growth and innovation in smart infrastructure solutions. With robust support from their investment partners, Corinex continues to position itself as a leader in the evolution of energy networks, responding to the complexities of modern energy demands while supporting essential decarbonization efforts globally.

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