Statkraft Ventures invests in Limejump
26.07.2017 10:06 | pressrelease
Düsseldorf, 26 July 2017 - Limejump Ltd, UK’s leading next-generation energy utility, has closed a GBP 3 million Series A funding round led by Statkraft Ventures. Limejump’s current investors, Passion Capital and Angel CoFund, also participated in the round. The company will use the funding to scale its customer base and further commercialise its Virtual Power Plant technology.
“We are excited to have Statkraft Ventures on board; we had plenty of financing-options but their investment team has a sound understanding of the energy marketplace and is very visionary about the disruption that is needed to take the market forward,” says Erik Nygard, Limejump’s CEO.
Statkraft Ventures will operate as a pure non-strategic financial investor. “Limejump developed the necessary software stack in order to digitise the full value chain serving asset owners in power generation, demand and storage in a lean and efficient manner, explains Alexander Kueppers, Investment Manager at Statkraft Ventures GmbH. Utilising a portfolio approach within this “triangle of flexibility” gives Limejump´s customers a maximum return on their respective asset.”
Limejump is re-engineering the energy utility model, enabled by its market-leading software expertise in the application of big data and machine-learning tools. 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 small, distributed assets access to 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 26MW of capacity, and currently has sales in excess of £20 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.