Funding round led by EDP Ventures alongside Clean Growth Fund and Future Energy Ventures, to support Piclo’s international expansion
20 August 2024 – EDP Ventures, the venture capital arm of EDP, announces today that it has invested in Piclo, the global pioneer in the energy flexibility markets. Piclo’s software solutions enable buyers and sellers of electricity capacity to trade, making energy grids smarter, more flexible and more sustainable by contributing to the decarbonization process of electrical networks.
EDP Ventures co-led the funding round, together with existing Piclo investors Clean Growth Fund (CGF) and Future Energy Ventures (FEV), ahead of a larger round later in 2024. The funds will be used for Piclo’s global expansion into new parts of the United States and Australia.
EDP Ventures’ investment is underpinned by the strategic synergy between Piclo’s innovative solutions and EDP’s commitment to a more sustainable energy future. Piclo is already operating in six markets: the UK, Ireland, Italy, Australia, the United States and Portugal. In Portugal, it collaborates with E-REDES, the energy distribution system operator of EDP, which uses the Piclo Flex marketplace to trade flexibility.
Piclo’s end-to-end platform is one of the largest in the world, with over 300,000 active assets registered, totalling more than 22 GW of flexible capacity. The company has awarded flexibility contracts worth £74 million and acquired more than 2.6 GW of flexible capacity. With this investment, Piclo aims to establish new partnerships in key markets, expand its presence and continue to develop its ecosystem, becoming an essential facilitator for all participants in the flexibility market.
Frederico Gonçalves, Managing Director of EDP Ventures said: “We are delighted to join CGF and FEV as investors in this funding round and we’re thrilled to strengthen our partnership with Piclo. This collaboration will enhance our distributed energy resource assets, such as decentralized storage and industrial and residential assets, globally. With this partnership, we aim to contribute even more to the decarbonization of energy systems worldwide and explore new opportunities in flexibility markets”.
James Johnston, CEO of Piclo said: “We are pleased to announce EDP Ventures’ new investment into Piclo which will support the growth of our presence in new markets, particularly expanding further into the USA and the Asia-Pacific. Since launching in 2018, we have helped network operators around the world harness flexibility as an essential solution to modernize the grid. Our innovative solutions are used to maximize grid capacity, and help Distributed Energy Resources access more markets and increase revenue. We are helping to bring more renewables online, decarbonise the world’s grids and ensure a more sustainable future”.
Flexibility markets allow energy system operators to purchase electricity from flexible sources, such as electric vehicles and batteries, during periods of high demand or low supply. This helps to balance the electrical grid and use energy more efficiently, allowing the energy systems to do more with less and achieve decarbonization at a lower cost. Piclo’s new solutions are also offering Distributed Energy Resources operators and aggregators additional ways to maximise revenue.
About EDP Ventures
EDP Ventures, the venture capital arm of EDP, invests in early-stage technological startups that aim to have an impact on the lives of millions of people, stimulating open innovation in the energy sector. With a successful track record that totals 73 million euros invested, today EDP Ventures’ portfolio comprises 40 active climate tech investments across areas such as renewable energy, grids, client solutions energy management and artificial intelligence, reflecting the company’s commitment to sustainability and energy transition.
About Piclo
Piclo’s mission is to decarbonise the grid. We develop software solutions that make our energy networks smarter, flexible and more sustainable. Piclo Max, our market access platform, enables flex sellers (such as EV and battery owners) to access all electricity markets from one place. Piclo Flex, our flexibility services marketplace, enables flex buyers (system operators) to source flexible electricity from flex sellers during times of high demand or low supply.
To date, Piclo has over 300,000 registered flexible assets representing 22 GW of registered flex capacity, with flexibility contracts awarded totalling £74m and 2.6 GW+ of flexible capacity procured.
Piclo currently operates in six global markets: in the UK, supporting all six Distribution System Operators (UK Power Networks, SP Energy Networks, Electricity North West, Northern Powergrid, Scottish & Southern Electricity Networks; and National Grid Electricity Distribution); and the independent System Operator (ESO); in Ireland (ESB Networks), Italy (E-Distribuzione), Portugal (E- REDES); in Australia (CitiPower, Powercor, United Energy); and in the United States in New York State (National Grid) and Connecticut (United Illuminating, Eversource). Aside from its leading position in the UK, Piclo has a growing presence in Europe, USA and the Asia-Pacific.
