UK technology platform provider Origami Energy has raised a total of £18.6m ($26.3m) in its latest funding round.
This includes a major investment from onsite power company Aggreko, which has taken a 14 per cent stake in London-headquartered Origami.
It takes the total funds raised by Origami to £36m. As well as Aggreko, other investors in the latest funding round include Octopus Ventures, Cambridge Innovation Capital, and Fred. Olsen-related companies.
Over the last year, Origami Energy has progressed from deploying commercial projects with industrial and commercial customers to signing multi-year partnership agreements with leading energy suppliers, including SmartestEnergy (owned by Marubeni, the Japanese-headquartered global trading company) and the renewables specialist utility Good Energy.
Nick Emery of Fred. Olsen group of companies, said: “Origami Energy has made great progress in the two years since our original investment and we are pleased to continue to support the company. The energy world is changing rapidly and we see Origami Energy at the forefront of developing technology to capitalise on the opportunities presented to energy market participants.”
This funding round provides the company with additional capital to continue the delivery of its growth plans and become a strategic technology partner for some of the world’s largest energy companies. The funds will be used to help accelerate the growth of Origami Energy in the UK and to prepare for international deployment.
Andrew Williamson of Cambridge Innovation Capital added: “We are pleased to see that Origami Energy continues to meet key targets in commercialising its technology to provide value to energy market participants. We look forward to working with the company during the next phase of its expansion.”
Simon King of Octopus Ventures commented: “Origami Energy has a compelling proposition for the rapidly-evolving distributed energy market. It is making excellent progress in commercialising its technology platform to meet the challenges and opportunities presented by a changing energy landscape.”
Aggreko said its investment will help Aggreko’s strategy to lower the total cost of energy for its customers while maintaining reliable power supply.
Aggreko has worked with Origami for over a year and said that the deal reflects its approach of investing in strategic partnerships that broaden its range of specialist services which will benefit its customers, “particularly as opportunities emerge through changing energy markets”.
The deal follows Aggreko’s acquisition last year of energy storage provider Younicos.
“This investment provides excellent new opportunities to both Aggreko and our customers,” said Dan Ibbetson, managing director of Aggreko Global Solutions.
“Energy markets are changing and investments like this make sure we are well-positioned to take advantage of these changes, now and in the future. Our global reach and diverse customer base, matched with the innovative capability of Origami Energy, will provide both businesses with significant growth opportunities.”
“Furthermore, our recent partnership announcements with SmartestEnergy and Good Energy demonstrate that innovative energy market players realise the value in using our intelligent technology to improve profitability across energy markets.”