1 The EIC Accelerator Project

EIC Accelerator Program: Overview and Impact

The EIC Accelerator program, part of the European Innovation Council (EIC), is designed to support innovative small and medium-sized enterprises (SMEs) and startups that have the potential to introduce breakthrough technologies to the market. This program aims to empower European deep-tech companies by providing them with both financial support and strategic guidance to scale their innovations effectively.

Funding Structure

The EIC Accelerator offers a unique funding structure, comprising both grants and equity investments. The grant component can reach up to €2.5 million, aimed at covering the operational costs associated with developing innovative projects. The equity investment, categorized as blended finance, allows companies to attract up to €15 million until 2024, and up to €10 million starting in 2025. This dual-funding approach not only alleviates immediate financial pressures but also aligns the interests of investors and innovators, facilitating growth and market penetration.

Purpose within the Ecosystem

The EIC Accelerator plays a crucial role in the European deep-tech and startup ecosystem by bridging the funding gap that often exists for high-risk, high-reward innovations. By providing substantial financial support and fostering connections with private sector investors, the program enhances the ability of startups to scale their operations, develop their technologies, and ultimately compete on a global scale. This initiative is particularly important in sectors where traditional venture capital may be hesitant to invest due to perceived risks.

Support for Scaling Companies

The EIC Accelerator not only provides financial backing but also offers strategic advice and networking opportunities. This support is essential in enabling companies to refine their business models, improve market readiness, and enhance their visibility among potential investors. As a result, many companies that receive EIC funding can secure additional private sector investments, leveraging the credibility that comes with EIC endorsement.

Case Study: PLEXIGRID SOCIEDAD LIMITADA

Project Overview: Plexigrid

The EIC Accelerator winner, PLEXIGRID SOCIEDAD LIMITADA, presented their project, Plexigrid (Plexar Operated Grids), during the application process. The submission for the Step 2 proposal occurred on November 8, 2023, following which they successfully navigated the Step 3 interview to secure funding.

Technology Background

Plexigrid focuses on the innovative management of electrical grids, specifically in the context of renewable energy integration and smart grid technology. The core of Plexigrid's technology lies in its ability to optimize energy distribution and consumption through advanced algorithms and real-time data analytics. By leveraging artificial intelligence and machine learning, Plexigrid enables grid operators to make data-driven decisions that enhance efficiency and reliability.

The technology is built upon a modular architecture, allowing for easy integration with existing grid infrastructure. This flexibility is critical for adapting to varying geographical and operational contexts. The platform is designed to facilitate the transition toward decentralized energy systems, where energy generation and consumption can occur at multiple points, rather than through a centralized model.

Plexigrid aims to address several key challenges in the energy sector, including the need for improved energy efficiency, reduced carbon emissions, and enhanced reliability of power supply. By employing real-time monitoring and predictive analytics, the platform can anticipate demand fluctuations and optimize resource allocation, ultimately contributing to a more sustainable energy landscape.

Conclusion

The EIC Accelerator program represents a vital resource for innovative companies like PLEXIGRID SOCIEDAD LIMITADA, empowering them to overcome financial and operational hurdles in their quest to bring groundbreaking technologies to market. With its dual funding model and commitment to supporting deep-tech ventures, the EIC Accelerator not only fosters innovation but also strengthens the overall competitive landscape of the European startup ecosystem. Through projects like Plexigrid, the program illustrates its potential to drive significant advancements in energy management and sustainability.

2 The Funding Rounds

Financing Raised by Plexigrid Sociedad Limitada

Plexigrid Sociedad Limitada, a Spanish climate tech startup, has secured multiple rounds of financing since its inception, notably including EIC Accelerator funding after the November 8, 2023 cut-off.

Funding Rounds and Timing

• Second Investment Round (April 2023):
• Amount: €4.5 million
• Date Announced: April 18, 2023
• EIC Accelerator Funding (Announced February 2024):
• Total Backing: €6.5 million from the European Innovation Council (EIC)
• Equity Component: €4 million to be injected as equity capital by EIC
• Additional Grant/Support likely included in total sum; details on grant/equity split referenced but not fully specified in public press.
• The EIC investment is intended to be blended with external funding during Plexigrid’s upcoming financing round.

Investor Information

April 2023 Investment Round Investors:

• Polar Structure (Sweden)
• Vargas Holding
• TheVentureCity

These investors were selected for their long-term commitment and expertise in energy transition technologies. According to company statements, this round was strategic in bringing on experienced partners who understand the need for modernizing global electricity networks.

European Innovation Council Involvement:

The EIC provided significant support through its Accelerator program following Plexigrid's successful application at the November 8, 2023 Step 2 cutoff and subsequent win at Step 3 interview. The funding package includes both equity investment and grant elements designed to scale up high-potential innovations.

Company Valuations

No public valuation figures have been disclosed for Plexigrid across any of its reported funding rounds as of May 6, 2025.

Exit Events (IPO/Buyouts/Acquisitions)

There are no reports or announcements regarding an IPO, acquisition, or other exit event involving Plexigrid Sociedad Limitada since it received EIC Accelerator backing.

Summary Table of Recent Funding Activity

Date	Round	Amount	Key Investors
Apr-18-2023	Second Investment Round	€4.5M	Polar Structure, Vargas Holding, TheVentureCity
Feb-29-2024	EIC Accelerator	€6.5M	European Innovation Council

</em> Official publication date for results. * Includes up to €4M equity; blend with additional external funds anticipated.

Additional Notes on Company Growth & Focus

Plexigrid’s core technology focuses on AI-driven optimization and digital twin modeling for electricity grids—addressing challenges associated with increased demand from electrification and renewable integration. Its solutions aim to make grid operation more efficient without immediate large-scale physical upgrades—a critical factor highlighted by stakeholders during their fundraising process.

No Reported Exit Events or Acquisitions Up To Present Day

As of early May 2025:

• There are no indications that Plexigrid has pursued an initial public offering.
• No acquisitions or buyouts have been publicly disclosed.

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Sources: Plexigrid raises €4.5M to help overloaded electric grids support the clean energy transition Plexigrid Secures €6.5 Million Euro Backing from the European Innovation Council Unveiling the Latest EIC Accelerator Results: A Comprehensive Analysis – November 8th Cut-Off Plexigrid – Overview & News at ZoomInfo

3 The Press Releases

Overview of Plexigrid Sociedad Limitada

Plexigrid Sociedad Limitada, a company based in Spain, recently secured significant funding from the European Innovation Council (EIC) Accelerator Program. This funding is part of the EIC's mission to support innovative projects across Europe, with Plexigrid being one of the 42 winners in the November 2023 cut-off.

Funding Details

Plexigrid received a total of €6.5 million from the EIC Accelerator. The funding package includes a non-dilutive €2.5 million technology development grant and €1 million in equity capital contributed by Plexigrid itself. Additionally, the EIC contributed €4 million in equity capital, which will be leveraged in the company's forthcoming funding round.

Technology and Impact

Plexigrid specializes in developing software to optimize the planning and operation of distribution-level electricity networks. Their technology enables real-time coordination between the grid and various flexible devices, which is crucial for integrating renewable energy sources, charging infrastructure, heat pumps, and energy storage. This innovation is vital for addressing the challenges of transitioning to renewable energy by enhancing network utilization and efficiency.

Partnerships and Previous Funding

Before the EIC funding, Plexigrid raised €4.5 million in a second investment round from investors including Swedish Polar Structure, Vargas Holding, and TheVentureCity. This investment underscored the company's commitment to the energy transition and its role in digitalizing electricity grids.

Press Releases and Updates

Recent updates from Plexigrid highlight their success in securing EIC funding and their ongoing efforts to transform electricity grids for the energy transition. These updates are available on their website and reflect the company's focus on leveraging advanced technologies to create a more sustainable and efficient energy ecosystem.

Key Points

• Funding: €6.5 million from the EIC Accelerator.
• Technology: Real-time grid control and digitalization to support renewable energy integration.
• Impact: Enhancing energy grid efficiency for sustainable electrification.
• Partnerships: Recent funding from Swedish Polar Structure, Vargas Holding, and TheVentureCity.

Sources: - Unveiling the Latest EIC Accelerator Results: A Comprehensive Analysis

• Plexigrid Secures 6.5 Million Euro Backing from the European Innovation Council
• Plexigrid secures €6.5M from European Innovation Council for grid innovation
• Plexigrid raises €4.5M to help overloaded electric grids support the clean energy transition

4 The Technology Advancements

PLEXIGRID SOCIEDAD LIMITADA, a Spanish technology company specializing in grid management software for distribution system operators (DSOs), has demonstrated significant advancements since securing EIC Accelerator funding. While the exact award date cited (November 8, 2023) does not explicitly appear in publicly available records, the company announced €6.5 million in EIC Accelerator funding in February 2024, suggesting active development during this period.

Current Capabilities

Plexigrid’s platform combines three core solutions:

• Ari for real-time low-voltage grid monitoring using smart meter data.
• Tatari for predictive grid planning and outage detection.
• Tia for flexibility management of distributed energy resources (DERs), including EV charging and solar PV systems.

The software enables DSOs to defer costly grid reinforcements by dynamically managing DER flexibility, particularly addressing voltage violations and reverse power flows caused by high renewable penetration.

Post-Funding Advancements

Since early 2024, Plexigrid has:

1. Expanded market reach: Partnered with Piclo to integrate its AI-powered analytics with Piclo’s flexibility marketplace APIs, enabling new DER market access models (March 2025).

2. Won Iberdrola’s innovation challenge: Collaborated with i-DE (Iberdrola España) to optimize grid capacity using AI-driven load forecasting during B Acceleration Week (October 2024).

3. Enhanced product offerings: Showcased updated versions of its modules at DISTRIBUTECH International and Enlit Europe conferences, emphasizing three-phase unbalanced network simulations and behind-the-meter asset control.

Market Demonstrations & Pilots

Key implementations include:

• Real-world operational deployments across Europe and North America, though specific customer names remain undisclosed per industry norms[§§5][§§9].
• Public demonstrations at Enlit Europe 2024 featuring live congestion management scenarios using aggregated DER flexibility pools[§§8].

Intellectual Property & Publications

No patents or peer-reviewed studies are explicitly cited in available materials. However:

• The company emphasizes proprietary algorithms for LV network digital twins and DER forecasting models[§§1][§§6].
• Published case studies focus on renewable hosting capacity improvements but lack technical whitepapers in public domains.

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Sources Used:

Plexigrid Secures €6.5 Million from European Innovation Council [Note: URL contains typo; corrected source likely intended as https://plexigrid.com/plexigrid-secures-6-5-million-euro-backing-from-the-european-inovation-council/]

Plexigrid's Grid Solutions

Piclo Partnership Announcement

Iberdrola Challenge Win

DISTRIBUTECH International Participation

Note:* Some linked URLs may reflect transcription ambiguities from source materials; refer to Plexigrid's official channels for authoritative updates. Specific post-EIC technical publications remain undocumented in open sources as of July 2024 COP filings.[^^4]

5 The Partnerships and Customers

Plexigrid Sociedad Limitada: Strategic Partnerships and Market Positioning Post-EIC Accelerator Funding Following its EIC Accelerator win in November 2023, Plexigrid has accelerated partnerships and customer engagements to strengthen its position as a leader in grid optimization technologies.

Key Partnerships

• NODES AS (November 2023): Collaborated to integrate NODESmarket Platform with Plexigrid’s grid management tools, enabling utilities to access distributed energy resource (DER) flexibility markets[^nodes].
• Piclo (March 2025): Partnered to combine Piclo’s marketplace APIs with Plexigrid’s AI-driven grid analytics, streamlining DER participation in energy markets while optimizing congestion forecasting[^piclo].

Customer Base Expansion

Plexigrid’s solutions are deployed by major utilities including E-REDES, EDP Energia, and Öresundskraft, focusing on increasing grid hosting capacity and reducing operational costs[^cbinsights]. Recent collaborations emphasize managing high solar PV penetration and electrification-driven congestion.

Nature of New Relationships

The partnerships target two objectives:

Market Positioning Impact

These relationships solidify Plexigrid’s role as a bridge between grid operators and DER providers, positioning it as a critical enabler of non-wires alternatives—reducing reliance on physical infrastructure upgrades while improving renewable integration[^plexihome][^piclo].

Technology Advancements & Scaling Benefits

• AI-Driven Insights: The Piclo partnership enhances predictive congestion management using machine learning models trained on real-time data streams[^piclo].
• Interoperability Focus: Standardized integrations with partners reduce deployment barriers for utilities adopting DER flexibility programs[^nodes][^piclo].

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Sources

• NODES Partnership Announcement [Nov 2023]
• Piclo Collaboration Details [Mar 2025]
• Customer List - CB Insights
• Core Solutions Overview

6 The Hiring and Company Growth

Plexigrid: Team Growth and Strategic Development

Plexigrid is a pioneering company in the energy sector, specializing in software solutions for efficient distribution network management. Based in Spain and Sweden, it has been actively expanding its team and operations since receiving funding from the European Innovation Council (EIC) Accelerator Programme.

Current Headcount and Team Size

As of the latest information, Plexigrid has a diverse team of over 40 coworkers representing more than 10 nationalities. This marks significant growth from earlier in 2022, when the company had a team of about 25 people of 14 nationalities.

Hiring and Team Growth

Plexigrid is likely to be hiring as it continues its expansion strategy, especially with recent funding successes. However, specific job openings or recent hires are not detailed in the available information.

Growth and Funding

Plexigrid has experienced substantial growth since its inception in 2020. The company secured €2 million in funding in 2022 and more recently received €6.5 million from the EIC Accelerator Programme in 2024. This funding is crucial for developing its flexibility orchestration engine and driving global scaling efforts.

New Team Members and Future Growth

New team members are pivotal in helping Plexigrid achieve its mission of transforming the energy sector. By integrating diverse skill sets and expertise, the company can enhance its technology and expand its global presence more effectively. These additions are essential for scaling its innovative solutions, which aim to make electricity grids more intelligent, flexible, and sustainable.

Management and Founding Team Changes

There are no reported changes in the founding team or management structure since the company's establishment. The founding team includes industry experts Alberto Méndez, Rubén Medina, and Pablo Arbóleya.

Scaling and Growth Strategy

Plexigrid's growth strategy involves leveraging its advanced grid control technology to address the challenges posed by outdated electricity grids in the shift to renewable energy. The company's technology enables real-time coordination between the grid and various flexible devices, enhancing network utilization and capacity integration for renewable energy sources. This approach positions Plexigrid to play a key role in the sustainable electrification and decarbonization of society.

Sources

• Plexigrid: Home
• About Us - Plexigrid
• PLEXIGRID, S.L. | UN Global Compact
• Plexigrid raises two million euros to make the world's power grids more flexible
• Sweden's Plexigrid secures €6.5M from the European Innovation Council

7 The Media Features and Publications

Overview of Plexigrid S.L.

Plexigrid S.L., a Spanish company based in Gijón, Spain, and with operations in Sweden, has been recognized for its innovative approach to energy grid management. The company provides software solutions designed to optimize electrical grid efficiency, particularly in the context of integrating renewable energy sources and managing the energy transition.

Media Features and Publications

Plexigrid has been featured in several publications and media outlets, including being highlighted as a winner of the EIC Accelerator funding in 2023. Notably, it was also recognized by Iberdrola España for its contribution to optimizing grid capacity using data and AI, showcasing its innovative solutions in smart grid technology.

Content from Publications

Publications have noted Plexigrid's role in enhancing grid resilience and efficiency. The company's software solutions aim to overcome challenges such as grid congestions, voltage violations, and integrating distributed energy resources (DERs) into existing infrastructure. Plexigrid's technology supports grid operators in managing real-time analytics and flexibility to ensure stable and efficient energy distribution.

Podcasts and Interviews

There is limited publicly available information on specific podcasts or interviews featuring the team from Plexigrid. However, the company's participation in conferences and events indicates active engagement in the energy sector.

Conferences and Fair Visits

Plexigrid has been involved in several events related to the energy sector. For instance, it participated as a proud sponsor of the XVIII Congreso de la Asociación CIDE in Santander, Spain. Additionally, the company has explored topics like AI in energy forecasting and grid management, and the future of DSO IT architecture at various events.

Involvement in Events

Plexigrid's involvement in events highlights its commitment to innovation and sustainability in the energy sector. This includes partnerships, such as with Vinnergi, aimed at driving innovation for more flexible grids.

Sources:

• Plexigrid: Home
• About Us - Plexigrid
• Plexigrid - Overview, News & Similar companies
• PLEXIGRID, S.L. | UN Global Compact
• PLEXIGRID SL: Phone number, VAT number, and Address
• Asturian start-up Plexigrid wins Iberdrola Group's challenge
• Plexigrid S.L. - Start Up Energy Transition
• Unveiling the Latest EIC Accelerator Results
• Events archivos - Plexigrid