• Funding will see leading energy flexibility marketplace grow into new regions across Europe, the US and Asia-Pacific
• Series B led by Future Energy Ventures and Clean Growth Fund will support Piclo’s growing team and investment in further product development

LONDON, [22] March 2023 – Piclo, the world’s leading flexibility services marketplace, has closed its Series B funding round and raised £8.3 million to further strengthen its market leading position in the UK and Europe, as well as grow its international presence in the US, and Asia-Pacific. The funds will also support the rapidly growing team and further investment in product development. 

Piclo’s series B funding round was co-led by Future Energy Ventures (FEV) and Clean Growth Fund (CGF), followed by existing investor Green Angel Syndicate and new investors Toshiba Energy Systems & Solutions (Toshiba ESS),Sustainable Future Ventures (SFV) and Japan Energy Fund (JEF).

Piclo Flex is already one of the world’s largest flexibility marketplaces – with over 55,000 assets registered representing over 16GW of flexibility and has facilitated 1.1GW of flexibility capacity worth over £57 million. Backed by its existing and new investors, Piclo is aiming to establish partnerships in new markets in Europe, the US and Asia-Pacific. 

Founded in 2013 by James Johnston, Andy Kilner and Alice Tyler, Piclo’s mission is to decarbonise the grid. Piclo Flex, its end-to-end marketplace, enables system operators (SOs) to procure, dispatch and settle local flexibility services from flexibility service providers (FSPs) like electric vehicles (EVs) and batteries, to balance the grid during times of constraint, helping to make energy networks smarter, flexible and more sustainable. 

James Johnston, CEO at Piclo, said:

“We are delighted that our investors have chosen to support Piclo and enable our vision of a decarbonised grid by 2050. We believe that flexibility solutions through our marketplace have a critical role to play in the global journey to net zero and will help deliver increased energy security at lower cost, building on the great progress we’ve already made in the UK. It is an exciting time to be part of a UK cleantech ecosystem that will deliver the solutions we need to achieve net zero. Whilst we had minimal exposure to SVB, we applaud the quick action of the US and UK authorities which has reassured the business community.”

Jan Lozek, Managing Partner and Co-Founder at Future Energy Ventures, said:

“We are thrilled to invest in this fast-growing company which has a crucial role to play in the decarbonisation of the energy system and in the transition to a net zero future. Given volatile supply and demand patterns and location mismatches between renewable generation sources and major energy consumption centres, flexibility is key to accelerating the energy transition and balancing the energy system. We believe Piclo’s digital marketplace platform is central to that and estimate the company’s long-term cumulative impact potential by 2050 could reach 1.0 GtCO2e, which is c.a. 2.5% of the total global GHG emissions in 2021.”

Beverley Gower-Jones, Managing Partner of Clean Growth Fund, said: 

“Piclo was Clean Growth Fund’s first investment in December 2020, and since then the team has gone from strength to strength, growing its business in the UK and the Continent and now working alongside National Grid to deliver a new flexibility marketplace in New York State. Given its success to date and the pressure on network operators to decarbonise, we are delighted to invest again in Piclo and support the company’s next phase of growth.”

Piclo has currently rolled out its flexibility procurement platform, Piclo Flex, in six global markets: in the UK, Distribution System Operators (UK Power Networks, SP Energy Networks, Electricity North West); and the Transmission System Operator (NG ESO); in Ireland (ESBN); in Italy (E-Distribuzione); in Portugal ( E-REDES); in Lithuania ( Energijos Skirstymo Operatorius AB (ESO)); and in the United States in New York State (National Grid). 

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Clean Growth Fund

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About Piclo 

Piclo’s mission is to decarbonise the grid. We develop software solutions that make our energy networks smarter, flexible and more sustainable. Our flagship product, Piclo Flex, is the leading independent marketplace for energy flexibility services, enabling system operators (e.g. National Grid ESO and UK Power Networks) to source energy flexibility from flexible service providers (e.g., EVs) during times of high demand or low supply. As of 2022, Piclo has over 55,000 flexibility assets registered with flexibility contracts awarded totalling £57m+ with 16.6 GW of flex capacity registered and 1.1 GW of flexible capacity procured.

Piclo currently supports the business-as-usual flexibility procurement in six global markets: in the UK, Distribution System Operators (UK Power Networks, SP Energy Networks, Electricity North West); and the Transmission System Operator (NG ESO); in Ireland (ESBN); in Italy (E-Distribuzione); in Portugal ( E-REDES); in Lithuania ( Energijos Skirstymo Operatorius AB (ESO)); and in the United States in New York State (National Grid). 

For more information please visit our website, follow us on Twitter and LinkedIn and watch us on YouTube.

About Future Energy Ventures

Future Energy Ventures is a leading global venture capital firm investing in the energy transition. Future Energy Ventures invests in digital and digitally-enabled technologies and business models that have the potential to shape the future energy landscape with a strong focus on decarbonization. Typically focusing on digital, scalable and asset-light companies raising Series A and B funding, Future Energy Ventures seeks to transform the traditional energy value chain towards net zero while capitalising on the investment opportunities presented by the transition to a fully renewable energy future. For more information, visit www.fev.vc

About Clean Growth Fund

Clean Growth Fund was launched in May 2020. It is a £101m venture capital fund that is targeting the UK’s most promising early-stage “clean growth” companies that are pioneering carbon emission reductions in the areas of power and energy, buildings, transport and waste. Its remit is to drive superior financial returns for investors and accelerate the development and commercialisation of clean growth technologies in the UK – leading to the creation of new and skilled jobs across the country and contributing to the UK’s efforts to deliver net zero by 2050. In addition to Piclo, Clean Growth Fund has to date invested in nine UK cleantech companies: https://www.cleangrowthfund.com/portfolio/

About Green Angel Syndicate

Green Angel Syndicate (GAS) is the UK’s largest network of specialist investors fighting climate change. GAS has over 350 members and has invested in 35 start-up and early-stage companies across the following sectors: energy, transport, buildings, food & agriculture, waste & recycling and environment. If you would like further information please contact Nick Lyth at [email protected] or [email protected]; or visit: www.greenangelsyndicate.com 

About Japan Energy Fund

Japan Energy Fund is a dedicated fund that invests in promising climate tech solutions around the world which have the potential to scale in Japan. We are the only fund from Japan that is purely focused on climate tech and investing in US/European startups.

About Sustainable Future Ventures

Sustainable Future Ventures (SFV) is a multi-LP venture capital fund that invests in technology solutions that positively impact the built environment and enable the transition to net zero. Backed by PATRIZIA, a leading European real estate manager with EUR 59BN AUM, SFV leverages their position to source, test and deliver strategic value-add to its portfolio companies. Current fund investments include a carbon offset marketplace, an electricity flexibility market platform, an alternative form factor heat pump and a single family residence investment platform. visit https://www.sfv.vc/ 

About Toshiba ESS

Toshiba Energy Systems & Solutions Corporation is a leading supplier of integrated energy solutions. With its long experience and expertise in a wide range of power generating and transmitting systems and energy management technology, the company delivers innovative, reliable and efficient energy solutions across the globe. Split off from Toshiba Corporation (TOKYO: 6502) in October 2017. Visit: https://www.global.toshiba/ww/company/energy.html