Piclo, a cleantech startup based in London develops software to make electricity grids smart, flexible, and sustainable. The energy-market disruptor just announced that it picked £4.7 million in equity funding. The funding round was led by the Clean Growth Fund. Also, Mott MacDonald Ventures takes a stake in the energy flexibility trading platform that connects buyers and sellers of energy.
The company will deploy the latest digital technology to provide an independent, online flexibility marketplace that enables electricity networks to buy flexibility services from flexibility providers that support network resilience, defer grid reinforcement and advance network reliability.
James Johnston, ceo and co-founder of Piclo said: “Strategic partnerships are very important for facing up to the challenge of decarbonisation, so it’s fantastic to close our Series A round with a like-minded investor that is as ambitious as we are. Alongside Mott MacDonald with the active support of the Clean Growth Fund and the Green Angel Syndicate, Piclo will continue to accelerate flexibility markets in the UK and internationally, grow our team and ramp up the development of new solutions”.
Beverley Gower-Jones, managing partner of the Clean Growth Fund said: “Mott MacDonald’s welcome investment in Piclo is testament to their commitment to Net Zero. The Clean Growth Fund actively encourages co-investment from major corporates who have such an important role to play in achieving the global Net Zero goal”.
New digital solutions for clients
A strategic corporate venture capital business Mott MacDonald Ventures will work closely with Piclo to deliver new digital solutions to clients in the energy, transport, water and built environment sectors. It is supported by Moata Smart Energy, a suite of digital tools that optimises performance and maximises returns from renewables.
The investment in Piclo is strongly linked to Mott MacDonald’s ‘Net Zero’ strategy, which includes a toolkit that helps non-energy clients decarbonise their electricity supplies and deliver a sustainable transition towards new energy market design.
Piclo Flex platform!
Piclo was established by James Johnston, Alice Tyler, and Andy Kilner as Open Utility in 2013 to accelerate the decarbonisation of electricity grids in the UK and overseas markets. The Piclo Flex platform is paving the way for new low carbon technologies such as electric vehicles, energy storage and flexible demand to balance the grid at a lower cost. Currently, it is in use by four of the UK’s distribution network operators including UK Power Networks who awarded £14M of flexibility contracts via the Piclo platform last year.