Limejump, which describes itself as the “UK’s leading next-generation energy utility”, reports that it 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. Limejump says it is “re-engineering the energy utility model”, applying big data and machine-learning tools to create a technology platform that integrates batteries and a mixture of other assets in its virtual power plant. This provides “even small, distributed assets access to market opportunities that they are often unable to access alone”, enabling them to take advantage of price arbitrage, ancillary services and real-time optimisation opportunities.
