Electron secures £4M with its approach to electricity flexibility and distribution

London-based electricity flexibility and distribution marketplace provider Electron gives electric networks, generators, and consumers and more control and flexibility over the power source. Optimising their use of both variable renewable power and network capacity based on time and location reduces network congestion, allows for a faster connection, and can reduce consumer bills.

Electron kicked off its mission six years ago when policies, tech, and business models were still rather unclear.

“Fast forward to today, many of the world’s major economies have already reached 50%+ variable renewable generation; storage technologies have reached inflection point; over one million electric vehicles are already on the road; and increasingly congested networks have risen to the top of political agendas.

"There has never been a clearer need or mandate to deploy flexibility markets at scale,” says Electron’s CEO, Jo-Jo Hubbard. “This is the inflection point for which we developed ElectronConnect: built with 25 utility partners across 5 countries to be the world’s most dynamic and integrated market platform for distributed, low-carbon grids. This funding brings us the resources to scale, as well as the right partners, insight and support on that journey.”

The firm has raised £4 million to fuel an expansion in the UK, Europe and North America, as well as product development. The investment round was led by East Innovate and includes participation from Riverstone, Nesta, and One Planet Capital. 

“We are delighted to back the Electron team in their mission to drive the adoption of flexibility markets at scale. We are deeply cognisant of the scale of the opportunity for global flexibility markets, especially in the context of an increasing variable supply of renewables; volatile energy prices; and ongoing cost of living crisis. Electron's superior trading technology and software-first solution has the potential to build and maintain the leading position in this rapidly growing market," says East Innovate’s Head of Venture Capital, Rory Scott Russell. 

Lead image: via Electron.