Origami Energy raises £18.6m series ‘B’ funding
Origami Energy attracts major new investment from Aggreko and raises additional funds from existing shareholders
London, 05 April 2018 – Origami Energy, technology platform provider to the energy market, today announces that its latest funding round, completed in March, has raised a total of £18.6m. This takes the total funds raised by the company to £36m since 2014 and includes the major investment from FTSE-listed Aggreko plc, the global leader in on-site power generation with a presence in over 100 countries. Current investors who participated in this funding round include Octopus Ventures, Cambridge Innovation Capital, and Fred. Olsen related companies.
Over the last 12 months Origami Energy has progressed from deploying commercial projects with industrial and commercial customers to signing multi-year partnership agreements with leading energy suppliers including SmartestEnergy (owned by Marubeni, the Japanese-headquartered global trading company) and the renewables specialist Good Energy plc.
Nick Emery of Fred. Olsen group of companies, said: “Origami Energy has made great progress in the two years since our original investment and we are pleased to continue to support the company. The energy world is changing rapidly; we see Origami Energy at the forefront of developing technology to capitalise on the opportunities presented to energy market participants.”
This funding round provides the company with additional capital to continue the delivery of its growth plans and become a strategic technology partner for some of the world’s largest energy companies. The funds will be used to help accelerate the growth of Origami Energy in the UK and to prepare for international deployment.
Andrew Williamson of Cambridge Innovation Capital added: “We are pleased to see that Origami Energy continues to meet key targets in commercialising its technology to provide value to energy market participants. We look forward to working with the company during the next phase of its expansion.”
Simon King of Octopus Ventures commented: “Origami Energy has a compelling proposition for the rapidly-evolving distributed energy market. It is making excellent progress in commercialising its technology platform to meet the challenges and opportunities presented by a changing energy landscape.”
Peter Bance, chief executive of Origami Energy commented: “The continued support of our existing shareholders and Aggreko’s major investment in our company demonstrates their confidence in our business growth. Furthermore, our recent partnership announcements with SmartestEnergy and Good Energy demonstrate that innovative energy market players realise the value in using our intelligent technology platform to improve their profitability by enabling new services.”
Energy flexibility (the ability for generation, storage and demand assets to turn up/down or on/off) is growing in importance globally as the industry embraces the structural changes resulting from decentralisation, decarbonisation and digitalisation. By harnessing energy flexibility, Origami Energy’s technology enables greater use of renewables and increases profitability for energy market participants including energy suppliers, traders and distributed energy asset owners.
About Origami Energy
Origami Energy is a leading technology platform provider to the energy market. Origami Energy has developed a highly secure, scalable and versatile software platform enabling remote, real-time monitoring and intelligent real-time control of large numbers and types of energy assets. Origami Energy’s technology enables market participants to respond quickly to changes in the energy market, increase their profitability, access new revenue opportunities and improve trading positions.
Origami Energy has UK offices in London and Cambridge has previously raised £13.7m series ‘A’ funding in April 2016 from Cambridge Innovation Capital, Octopus Ventures and Fred. Olsen group of companies.
Origami Energy has invested significant funds in establishing the UK’s only dedicated micro-grid emulation and testing laboratory enabling rigorous testing of new applications, algorithms and asset classes such as batteries and electric vehicles prior to real-world deployments with customers.