Shell acquires Statkraft Ventures' portfolio company Limejump
28.02.2019 | news
Shell Petroleum Company Ltd acquires Limejump Ltd, a UK based energy technology company. With this deal Limejump’s technology and management team will enable both companies to continue to support the UK energy system’s transition to a lower carbon future. Upon completion Limejump will become a wholly owned subsidiary of Shell.
Erik Nygard, CEO of Limejump, said “This is an exciting moment - we are in the middle of a revolution towards a future where many electricity networks around the world are powered by renewable electricity. Shell will help us to drive our innovative technology platform to new heights and support the Limejump team to make a bigger impact on the industry than previously possible. Put simply we are now super-charged and ready.”
Alex Küppers, Investment Manager at Statkraft Ventures GmbH says: “We are very proud of Erik Nygard and his team: they have built a superior technology platform and rapidly positioned Limejump as a market-leader. This case is really a blueprint of how we work as a VC: identifying the best founders in the energy sector, provide funds and hands-on expertise to build leading firms and exit when a new owner can leverage growth ambitions of the company.”
Brian Davis, VP Energy Solutions at Shell New Energies explained “We are impressed by the Limejump team and their track record of building a digital energy platform that connects and optimises a diverse range of assets. Together, we can offer more choices to our customers in the UK as we accelerate the building of a customer-focused energy system in support of Shell’s strategy to offer more and cleaner energy solutions to customers.”
Limejump will continue to focus on its three main objectives: paving the way to a more sustainable energy future; maximising revenue streams for all decentralised asset owners; and utilising data science and technology to enhance the interplay between renewable supply, demand flexibility and energy storage.
“We would like to thank the investors that have backed this business to date which include, but are not limited to Statkraft Ventures, Passion Capital, SET Ventures, Angel Co-Fund and Magnesium Capital along with the many angel investors that supported us over our initial years and have allowed us to develop to this point” says Erik Nygard.