- Instagrid has hired Rich Romer as US CEO
- Kieran Mahanty, TVG’s climate lead for EMEA, will join Instagrid’s board
- TVG is part of global investor OTPP
Teachers’ Venture Growth (TVG) has led a series C funding round of $95 million in Instagrid, with participation from Morgan Stanley Investment Management’s (MSIM) 1GT climate private equity strategy.
Instagrid is a portable battery system provider based in Stuttgart, Germany.
Existing investors Energy Impact Partners, SET Ventures, blueworld.group, and Hightech Gründerfonds, as well as the chair of the advisory board, Pierre-Pascal Urbon, also contributed to the round.
Instagrid more than doubled revenues in 2023 and will use the funding to continue its growth by entering the North American market, increasing production and expanding its range of mobile power solutions to decarbonise off-grid power, according to a release.
As part of its North American expansion, Instagrid has hired Rich Romer as US CEO, and plans to open offices, hire across divisions and launch new products for use in the US and Canada, the release said.
Kieran Mahanty, TVG’s climate lead for EMEA, will join Instagrid’s board.
“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,” said Avid Larizadeh-Duggan, senior MD and head of TVG in EMEA. “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.”
Instagrid has raised more than $145 million to date. Additional existing investors include Segnalita Ventures and Wille Finance.
TVG focuses on late-stage venture and growth equity investments in technology companies. It is part of OTPP, a global investor with net assets of C$249.8 billion as of 30 June 2023.
MSIM has $1.5 trillion in assets under management as of 31 December 2023. t is a division under Morgan Stanley, a global financial services firm based in New York.