Piclo, a London, UK-based provider of software solutions for the energy flexibility markets, raised a funding of undisclosed amount.
The amount of the deal was not disclosed.
EDP Ventures co-led the funding round, together with existing investors Clean Growth Fund (CGF) and Future Energy Ventures (FEV).
The company intends to use the funds for its global expansion into new areas of the United States and Australia.
Led by CEO James Johnston, Piclo develops software solutions for energy networks, including:
- Piclo Max, its market access platform, which enables flex sellers (such as EV and battery owners) to access all electricity markets from one place, and
- Piclo Flex, its flexibility services marketplace, which enables flex buyers (system operators) to source flexible electricity from flex sellers during times of high demand or low supply.
To date, the company has over 300,000 registered flexible assets representing 22 GW of registered flex capacity, with flexibility contracts awarded totalling £74M and 2.6 GW+ of flexible capacity procured.
Piclo currently operates in six global markets: in the UK, supporting all six Distribution System Operators (UK Power Networks, SP Energy Networks, Electricity North West, Northern Powergrid, Scottish and Southern Electricity Networks and National Grid Electricity Distribution); and the Transmission System Operator (TSO) (the ESO); in Ireland (ESB Networks), Italy (E-Distribuzione), Portugal (E-REDES)); in Australia (CitiPower, Powercor); and in the United States in New York State (National Grid) and Connecticut (United Illuminating).
FinSMEs
21/08/2024