Vancouver-based Corinex has secured $42 million CAD ($30 million USD) in a new equity funding round to accelerate the deployment of its smart grid visibility and flexibility solutions across key European markets.
The round was led by UK-based Energy Growth Momentum, with participation from Spanish investors Suma Capital and Adara Ventures. As part of the deal, Energy Growth Momentum and Suma Capital will take seats on Corinex’s board.
The funds will be used to support R&D, large-scale deployments, and staffing efforts across Germany, Spain, and the UK, where Corinex is already working closely with major utility providers, including E.ON.
“As Europe intensifies its energy transition, the demand for advanced grid intelligence solutions is more critical than ever,” said Natalia Ruiz, Senior Partner at Suma Capital. “These technologies are the backbone of a resilient and sustainable power system.”
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Enabling the Smart Grid with Broadband Over Power Lines
The company develops broadband over power lines (BPL) technology that provides real-time grid visibility and dynamic load balancing. Its offering includes both data-collecting sensors and an AI-powered software platform, designed to modernize low-voltage energy infrastructure and support decentralized energy systems.
The company claims its solutions are crucial to boosting capacity in aging grid networks and ensuring energy reliability as nations move toward electrification and renewables.
Strategic Focus on Europe
Corinex’s first external raise brings its total funding to $60 million, with $20 million previously invested by founder and CEO Peter Sobotka, and an additional $10 million in government grants from Canada’s SR&ED program.
Although the company is based in Canada, its customer base is firmly rooted in Europe, where regulatory momentum for grid digitalization is strong. Corinex is already working with over a dozen utilities and is deploying at scale with E.ON in both Germany and the UK.
“Germany, Spain, and the UK are at the forefront of transitioning to digital, decentralized power systems,” a Corinex spokesperson said. “Our technology aligns directly with national strategies like Germany’s GNDEW law, Spain’s renewable push, and the UK’s G100 grid modernization framework.”
With this funding round, the startup aims to further entrench itself in Europe’s energy infrastructure landscape—bringing smarter, more flexible grids to life with its cutting-edge BPL technology.
