Funding boost will see Origami Energy trade internationally
Smart energy firm's platform maximises resources remotely and in real-time
Origami Energy raised £18.6million in its latest funding round, which was completed in March.
The Science Park-based firm’s technology intelligently manages and remotely controls distributed energy assets in real-time.
The three existing investors – Octopus Ventures, Cambridge Innovation Capital, and the Fred Olsen group of companies – were joined by Aggreko, “the world’s leading provider of modular, mobile power and heating and cooling”, which has been in business since 1962.
“The three investors who participated in the previous round in 2016 have continued to support us,” Alex Howard, head of strategy and product, told the Cambridge Independent, “plus there has been major new investment from Aggreko, who are global leaders in on-site generation, operating in more than 100 countries.
“This new funding will help us to roll out to new suppliers and to develop our technology further. It also means that we will be able to prepare for deploying our technology internationally – until now our focus has been on the UK.
“The technology could be used anywhere – each energy market is slightly different so will need a different configuration.”
Dan Ibbetson, managing director of Aggreko’s Global Solutions, said: “Energy markets are changing and investments like this make sure we are well positioned to take advantage of these changes, now and in the future. Our global reach and diverse customer base, matched with the innovative capability of Origami Energy, will provide both businesses with significant growth opportunities.”
Origami has also made progress in terms of securing partnership agreements with SmartestEnergy and Good Energy. Origami Energy’s technology platform, which manages supply and demand in real-time, enables energy suppliers and traders to buy, sell and trade more effectively.
Andrew Williamson, of Cambridge Innovation Capital, added: “We are pleased to see that Origami Energy continues to meet key targets in commercialising its technology to provide value to energy market participants. We look forward to working with the company during the next phase of its expansion.”
Nick Emery, of Fred. Olsen group of companies, said: “Origami Energy has made great progress in the two years since our original investment and we are pleased to continue to support the company.
“The energy world is changing rapidly; we see Origami Energy at the forefront of developing technology to capitalise on the opportunities presented to energy market participants.”
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.
By harnessing energy flexibility, Origami Energy’s technology enables greater use of renewables and increases profitability for energy market participants including energy suppliers, traders and distributed energy asset owners.
Peter Bance, chief executive of Origami Energy, commented: “The continued support of our existing shareholders and Aggreko’s major investment in our company demonstrates their confidence in our business 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 profitability across energy markets.”