London-based Piclo closed its Series B funding round to the tune of £8.3 million as it plans to spread its decarbonising wings further into the US and Asia-Pacific.
The round was co-led by Future Energy Ventures and Clean Growth Fund, followed by existing investor Green Angel Syndicate and new investors Toshiba Energy Systems & Solutions, Sustainable Future Ventures and Japan Energy Fund.
“We are thrilled to invest in this fast-growing company which has a crucial role to play in the decarbonisation of the energy system and in the transition to a net zero future. Given volatile supply and demand patterns and location mismatches between renewable generation sources and major energy consumption centres, flexibility is key to accelerating the energy transition and balancing the energy system. We believe Piclo’s digital marketplace platform is central to that and estimate the company’s long-term cumulative impact potential by 2050 could reach 1.0 GtCO2e, which is c.a. 2.5% of the total global GHG emissions in 2021," says Jan Lozek, Managing Partner and Co-Founder at Future Energy Ventures.
Founded in 2013 by James Johnston, Andy Kilner and Alice Tyler, Piclo’s flexibility marketplace was developed to decarbonise the grid by enabling system operators to procure, dispatch and settle local flexibility services from flexibility service providers like electric vehicles and batteries.
“We are delighted that our investors have chosen to support Piclo and enable our vision of a decarbonised grid by 2050. We believe that flexibility solutions through our marketplace have a critical role to play in the global journey to net zero and will help deliver increased energy security at lower cost, building on the great progress we’ve already made in the UK. It is an exciting time to be part of a UK cleantech ecosystem that will deliver the solutions we need to achieve net zero," says James Johnston, CEO at Piclo.
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