A technology platform enabling management of distributed energy assets has attracted significant levels of new funding, allowing it to move from pilot schemes to commercial deployment.
Origami Energy has secured an additional £13.7 million from its existing shareholders together with a new investment from renewable energy investor, Fred. Olsen related companies.
The company 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.
The company manages the capacity and modifies the flows of power at physical sites of generation as well as energy demand and electricity storage by providing a marketplace where the supply and demand of electricity is matched more evenly in real-time. This is intended to reduce strain on the grid and allows users of the technology to better utilise their energy assets.
Origami Energy says its technology platform can therefore add more renewable power to be connected to the grid by limited the effect of intermittency which is often used to criticise renewable generation.
In its first report since being established last September, the National Infrastructure Commission recently claimed that use of smart power measures could save UK consumers up to £8 billion per year by 2030.
Peter Bance, chief executive of Origami Energy, said: “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.”
Simon King of Octopus Ventures, one of the existing shareholders in the technology, said: “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.”
The company has moved quickly since raising £4 million of seed funding in 2014 and will use the new funding to develop multi-site commercial deployments with a wide range of customers. Origami Energy says it is also using the investment to build on its energy storage asset development capacity.
Victor Christou, chief executive of another shareholder, Cambridge Innovation Capital, added: “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.”