UK-based energy technology company, Origami Energy, raises £13.7M from CIC, Octopus etc.
Origami Energy, enabling the intelligent management of distributed energy assets, has raised a further £13.7 million from its existing shareholders, Cambridge Innovation Capital, Octopus Ventures and two private individuals, together with a new investment from Fred. Olsen related companies.
Origami Energy has developed technology to monitor, communicate with and control a large distributed network of energy generating, energy using and energy storing assets connected to the electricity grid. Based in Cambridge and London, Origami Energy intelligently manages the capacity and modifies the flows of power at physical sites of power generation, energy demand and electricity storage by providing a marketplace where the supply and demand of electricity is matched more evenly in real-time.
As a result, the strain on the electricity grid is reduced and additional value can be unlocked for Origami Energy’s partners by optimising the utilisation of the energy assets. In addition, from an environmental perspective, use of Origami Energy’s technology platform will help cut carbon emissions by enabling more renewable power to be connected to the grid and by reducing the need to switch on ‘dirty’ power stations. The recent ‘Smart Power’ report published by the National Infrastructure Commission estimates that use of smart power measures, such as those provided by Origami Energy, could save UK consumers up to £8 billion per year by 2030.
Since raising £4 million of seed funding in the summer of 2014, Origami Energy has made significant progress. The company has built a talented team of more than 30 people from a range of disciplines across technology and energy sectors. It has developed and successfully demonstrated the alpha and beta versions of its technology platform and in 2015 began its initial wave of pilot deployments with operational customer sites.
The new £13.7 million of funding will allow Origami Energy to move from pilot field trials to multi-site commercial deployments with a wide range of customers, focusing initially on industrial and commercial sites. The funding is also enabling Origami to build out an energy storage asset development capability.
Origami Energy’s CEO, Peter Bance, commented: “The additional funding we’ve just raised will help fuel our next phase of growth as we transition from our current customer field trials to scalable deployment of our solution on a commercial basis. In addition to strong support from our existing shareholders, we are extremely pleased to welcome Fred. Olsen related companies as a new investor. Their long history in the energy sector together with an increasingly large presence in distributed energy makes them a perfect partner for Origami Energy.”
Victor Christou, CEO of Cambridge Innovation Capital, added: “Origami Energy has achieved much in the 18 months since our original investment. At a time when demands on the energy grid are intensifying we believe Origami’s ‘shaping’ approach to energy management is the next step towards the creation of a viable solution in an energy-constrained world. We are pleased to support the company in the next phase of its journey.”
Simon King of Octopus Ventures commented: “Origami is developing a compelling proposition for the rapidly-evolving distributed energy market. Having worked with Peter for several years now, we are thrilled to have the opportunity to continue supporting the company at this round of financing.”
Source: Cambridge Innovation Capital Press Release