Clean tech start-up raises à‚£3m to facilitate flexible DER

London-based clean technology start-up, Limejump, has raised à‚£3m for its virtual power plant network, aimed at disrupting the UK energy market through demand response, storage and smart grid assets.

Limejump combines a demand response service with flexible management services for small scale energy generators to create a “virtual power plant”.
Using machine learning and Big Data technology, its platform works with small scale renewable energy, biogas, combined heat and power, and conventional generators, to ‘bundle’ flexibility to sell on to National Grid, allowing small, distributed assets to earn cash for boosting or cutting demand when necessary.

The funding was led by Statkraft Ventures, with Passion Capital and Angel CoFund also participating. Limejump said it plans to use the cash to scale its customer base and further commercialise its service.à‚ 

“We are excited to have Statkraft Ventures on board; we had plenty of financing options, but its investment team has a sound understanding of the energy marketplace and is very visionary about the disruption that is needed to take the market forward,” said Erik Nygard, Limejump’s CEO, in a statement.

Statkraft Ventures is a trustful long-term partner for founders by providing venture capital and expertise. The company is backed by Statkraft, Europe’s largest generator of renewable energy.

Alexander Kueppers, investment manager at Statkraft Ventures, said Limejump had the potential to play a major role in the UK’s fast-changing energy system.

“Limejump developed the necessary software stack in order to digitise the full value chain serving asset owners in power generation, demand and storage in a lean and efficient manner,” he said in a statement. “Utilising a portfolio approach within this ‘triangle of flexibility’ gives Limejumpà‚´s customers a maximum return on their respective asset.”

The deal follows a recent landmark contract for the company which saw it secure the rights to manage the UK’s biggest grid-scale battery, UK Power Networks’ 6MW Network Storage Facility at Leighton Buzzard in Bedfordshire.

That facility has also been developed to help support the growing amount of intermittent renewable power sources on the grid.

The news also comes in the same week as the government and Ofgem announced wide-ranging new reforms designed to make it easier for demand response, smart grid, and energy storage operators to access the energy market and deliver a cleaner and more flexible power grid.

UK auction secures 312 MW of demand-side response capacity

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