Green Angel Syndicate members have followed their previous investments in flexible energy marketplace Piclo to support its positive growth into the Series B round announced today.
Piclo, the world’s leading flexibility services marketplace, has closed its Series B funding round and raised £8.3 million to further strengthen its market leading position in the UK and Europe, as well as grow its international presence in the US, and Asia-Pacific. The funds will also support the rapidly growing team and further investment in product development.
Piclo’s series B funding round was co-led by Future Energy Ventures (FEV) and Clean Growth Fund (CGF), followed by existing investor Green Angel Syndicate and new investors Toshiba Energy Systems & Solutions (Toshiba ESS), Sustainable Future Ventures (SFV) and Japan Energy Fund (JEF).
Piclo Flex is already one of the world’s largest flexibility marketplaces – with over 55,000 assets registered representing over 16GW of flexibility and has facilitated 1.1GW of flexibility capacity worth over £57 million. Backed by its existing and new investors, Piclo is aiming to establish partnerships in new markets in Europe, the US and Asia-Pacific.
Founded in 2013 by James Johnston, Andy Kilner and Alice Tyler, Piclo’s mission is to decarbonise the grid. Piclo Flex, its end-to-end marketplace, enables system operators (SOs) to procure, dispatch and settle local flexibility services from flexibility service providers (FSPs) like electric vehicles (EVs) and batteries, to balance the grid during times of constraint, helping to make energy networks smarter, flexible and more sustainable.
Cam Ross, CEO at Green Angel Syndicate, said:
“Our specialist members have been investors in Piclo since 2018. Piclo has continually increased its climate impact since then, through strong UK growth and international expansion. We are delighted to further support the excellent Piclo team and their future plans, in this round.”
James Johnston, CEO at Piclo, said:
“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. Whilst we had minimal exposure to SVB, we applaud the quick action of the US and UK authorities which has reassured the business community.”
Piclo has currently rolled out its flexibility procurement platform, Piclo Flex, in six global markets: in the UK, Distribution System Operators (UK Power Networks, SP Energy Networks, Electricity North West); and the Transmission System Operator (NG ESO); in Ireland (ESBN); in Italy (E-Distribuzione); in Portugal ( E-REDES); in Lithuania ( Energijos Skirstymo Operatorius AB (ESO)); and in the United States in New York State (National Grid).
About Green Angel Syndicate
Green Angel Syndicate (GAS) is the UK’s largest network of specialist investors fighting climate change. GAS has over 350 members and has invested in 35 start-up and early-stage companies across the following sectors: energy, transport, buildings, food & agriculture, waste & recycling and environment. If you would like further information please contact Nick Lyth at firstname.lastname@example.org or email@example.com; or visit: www.greenangelsyndicate.com
Piclo’s mission is to decarbonise the grid. We develop software solutions that make our energy networks smarter, flexible and more sustainable. Our flagship product, Piclo Flex, is the leading independent marketplace for energy flexibility services, enabling system operators (e.g. National Grid ESO and UK Power Networks) to source energy flexibility from flexible service providers (e.g., EVs) during times of high demand or low supply. As of 2022, Piclo has over 55,000 flexibility assets registered with flexibility contracts awarded totalling £57m+ with 16.6 GW of flex capacity registered and 1.1 GW of flexible capacity procured.
Piclo currently supports the business-as-usual flexibility procurement in six global markets: in the UK, Distribution System Operators (UK Power Networks, SP Energy Networks, Electricity North West); and the Transmission System Operator (NG ESO); in Ireland (ESBN); in Italy (E-Distribuzione); in Portugal ( E-REDES); in Lithuania ( Energijos Skirstymo Operatorius AB (ESO)); and in the United States in New York State (National Grid).