Energy tech firm Origami Energy has raised £18.6m in Series B funding.
The round was led by new investor Aggreko and additional funds came from existing investors Octopus Ventures, Cambridge Innovation Capital, and Fred Olsen related companies. Origami Energy has now raised a total of £36m since 2014.
Peter Bance, CEO of Origami Energy, said securing this funding shows how investors are confident in its growth.
“Furthermore, our recent partnership announcements with SmartestEnergy and Good Energy demonstrate that innovative energy market players realise the value in using our intelligent technology platform to improve their profitability by enabling new services,” he added.
Origami Energy has developed data-driven software that can monitor, control and communicate with large networks of energy generating, energy using and energy storing assets connected to the electricity grid.
The aim is to help distribute and use energy in a more flexible way to enable greater use of renewables and increase company profits. Energy flexibility (the ability for generation, storage and demand assets to turn up/down or on/off) is growing in importance globally as the industry embraces the structural changes resulting from decentralisation, decarbonisation and digitalisation.
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The company will use its new funding to continue growing in the UK and prepare for international expansion, as well as partnering with leading energy companies.
Simon King of existing shareholder 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,” he added.
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