Flexibility services marketplace Piclo has raised £8.3 million to further strengthen its position in the UK and Europe, as well as grow its international presence in the US and Asia-Pacific. It gained new investors Toshiba Energy Systems and Solutions, Sustainable Future Ventures and Japan Energy Fund.
Piclo Flex is already one of the world’s largest flexibility marketplaces – with over 55,000 assets registered representing over 16GW of flexibility. It 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 enables system operators to procure, dispatch and settle local flexibility services from flexibility service providers like electric vehicles and batteries, to balance the grid during times of constraint, helping to make energy networks smarter, flexible and more sustainable.
Jan Lozek, Managing Partner and Co-Founder at Future Energy Ventures, said: “Given volatile supply and demand patterns and location mismatches between renewable generation sources and major energy consumption centres, flexibility is key to accelerating the energy transition and balancing the energy system. We believe Piclo’s digital marketplace platform is central to that and estimate the company’s long-term cumulative impact potential by 2050 could reach 1.0GtCO2e, which is c.a. 2.5% of the total global GHG emissions in 2021.”