Piclo raises new funding from EDP for energy asset trading

Portuguese EDP Ventures has made an investment of an undisclosed amount in Piclo. Piclo’s software enables buyers and sellers of electricity capacity to trade. EDP Ventures co-led the funding round, together with existing Piclo investors Clean Growth Fund (CGF) and Future Energy Ventures (FEV) ahead of a larger round expected later in 2024 and the funds will be used for Piclo’s global expansion into new parts of the United States and Australia.

Piclo is already operating in six markets: the UK, Ireland, Italy, Australia, the United States and Portugal. In Portugal, it collaborates with E-REDES, the energy distribution system operator of EDP, which uses the Piclo Flex marketplace to trade flexibility.

Piclo’s end-to-end platform has over 300,000 active assets registered, totalling more than 22 GW of flexible capacity. The company has awarded flexibility contracts worth £74 million and acquired more than 2.6 GW of flexible capacity. With this investment, Piclo aims to establish new partnerships in key markets, expand its presence and continue to develop its ecosystem, becoming an essential facilitator for all participants in the flexibility market.

Frederico Gonçalves, Managing Director of EDP Ventures, commented: "We are delighted to join CGF and FEV as investors in this funding round and we're thrilled to strengthen our partnership with Piclo. This collaboration will enhance our distributed energy resource assets, such as decentralized storage and industrial and residential assets, globally. With this partnership, we aim to contribute even more to the decarbonization of energy systems worldwide and explore new opportunities in flexibility markets".

James Johnston, CEO of Piclo said: “We are pleased to announce EDP Ventures’ new investment into Piclo which will support the growth of our presence in new markets, particularly expanding further into the USA and the Asia-Pacific. Since launching in 2018, we have helped network operators around the world harness flexibility as an essential solution to modernize the grid. Our innovative solutions are used to maximize grid capacity, and help Distributed Energy Resources access more markets and increase revenue. We are helping to bring more renewables online, decarbonise the world’s grids and ensure a more sustainable future”.

Flexibility markets allow energy system operators to purchase electricity from flexible sources, such as electric vehicles and batteries, during periods of high demand or low supply. This helps to balance the electrical grid and use energy more efficiently, allowing the energy systems to do more with less and achieve decarbonization at a lower cost. Piclo’s new solutions are also offering Distributed Energy Resources operators and aggregators additional ways to maximise revenue.