Origami Energy, whose technology platform helps companies manage and offer flexibility in energy markets, has raised £18.6 million in new funding. Current investors who participated in this funding round include Octopus Ventures, Cambridge Innovation Capital and Fred Olsen-related companies. The funds will be used to help accelerate the growth of Origami Energy in the UK and to prepare for international deployment. It hopes to become a strategic technology partner for some of the world’s largest energy companies.
This takes the total funds raised by the company to £36 million since 2014 and includes major investment from on-site power company Aggreko.
Over the last 12 months Origami Energy said it has progressed from deploying commercial projects with industrial and commercial customers to signing multi-year partnership agreements with energy suppliers including SmartestEnergy (owned by Marubeni, the Japanese-headquartered global trading company) and Good Energy.
Nick Emery of Fred Olsen group of companies, said: “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.
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