Manchester virtual energy storage firm secures funding

A smart energy start-up from Manchester, UK has secured funding to develop its platform.

Upside Energy have developed a platform which works by aggregating the energy stored in everyday connected devices, like batteries and hot water tanks, creating a virtual energy store to be drawn on as needed.

The à‚£5.5m funding will enable the start-up to grow its team and accelerate the commercialisation of its cloud-based smart grid platform.
Upside Energy
The round was led by Legal & General Capital, the investment arm of financial services group Legal & General, alongside investment and advisory company SYSTEMIQ.

Other investors included Modern Energy, Bulldog Innovation Group and a number of individuals.

The firm is also supported by Innovate UK which, in addition to offering access to business connections and mentoring, has also provided a à‚£470k grant to help Upside Energy pilot its core service and communication protocol.

The investment follows three years of development and testing of the software, including collaborative studies with the UK government, universities and global equipment manufacturers.

The technology is now in its commercialisation stage ready for roll out to the wider market, Upside Energy’s founder and chief scientist Graham Oakes told Business Green.

“We’ve taken Upside Energy’s cloud platform from a wild and speculative idea to a solid, innovative solution to help people harness the opportunities created by the confluence of two trends: the growth of renewable generation and the rise of smart devices,” he said. “Our vision is to create a new, cleaner and more equitable, energy system.à‚ This partnership with Legal & General Capital, SYSTEMIQ and Modern Energy will help us realise that vision.”

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