Limejump doubles its Series A funding round
22.11.2017 13.00 | pressrelease
London, 22nd November 2017. After a closing of the Series A earlier this summer led by Statkraft Ventures with existing investors Passion Capital and Angel CoFund, Limejump Ltd, the UK’s leading next-generation energy utility and the largest operator of distributed batteries in the UK, has doubled the round with new investor SET Ventures. The company will use this additional funding to accelerate growth, building on its VPP technology platform and increasing the product mix that can be delivered to customers.
“It is great to have SET Ventures on board, they are an independent specialist investor in the European energy market and further validates the business model and technology Limejump is developing, this is an exciting time in the energy space and it is important for us to align with the right type of investors such as SET” says Erik Nygard, Limejump’s CEO.
“Limejump is one of the fastest growing European next-gen utilities. We participate because we recognise Limejump’s unique combination of technical skills and market access can bring the maximum value to their customers assets. The scalability of their system and strong forward-looking team make Limejump a potential winner in the evolving energy value chain.” Craig Douglas, Investment Manager at SET Ventures.
Limejump is creating the energy utility of the future using cloud-based technology to ensure it can take advantage of big data and machine-learning in order to provide full energy market optimisation capabilities to its customers. Its technology platform integrates batteries and a mixture of other assets in its Virtual Power Plant to take advantage of price arbitrage, ancillary services and real-time optimisation opportunities. This provides even relatively small, distributed assets access to energy market opportunities that they are often unable to access alone.
Limejump Ltd is already the largest aggregator of distributed batteries in the UK, currently managing 33MW of capacity, and currently has sales in excess of £24 million per year. The company has more than two hundred customers, which include large commercial and industrial organisations, as well as owners of solar farms, anaerobic digestion sites and other forms of distributed generation.
About SET Ventures
Since 2007, Amsterdam-based SET Ventures has invested in European technology companies that impact the future of the energy sector. SET Ventures focuses broadly on innovative energy generation, energy distribution and storage and energy efficiency. SET’s investment priority is for those ventures that develop software-based services for the energy sector, with or without hardware components, defined by SET Ventures as smart energy solutions.
About Statkraft Ventures
Statkraft Ventures GmbH is a European venture capital firm working with exceptional entrepreneurs driving fundamental change in the energy sector. Current investments include tado°, DEPsys, Greenbird, Limejump and ZOLAR. The company is exit-driven and backed by the Statkraft Group, Europe’s largest producer of renewable energy. Statkraft Ventures invests on common venture capital terms.