Green Angel Syndicate backs Piclo to transform energy trading

Author

Green Angel Syndicate Ltd

15 October 2018

Green Angel Syndicate announced today that its members are supporting Piclo (formerly Open Utility) in its latest round to finance the expansion of its revolutionary energy trading software system, Piclo Flex.

‘Flexibility’ is the term used in the energy market to describe the balancing of energy consumption or generation in response to a price or an instruction. There is currently no efficient system to trade flexible energy consumption and generation in a dynamic, responsive and – most of all – rapid manner.

Piclo Flex fills this gap by using a software system based on the simplest of trading concepts, the open auction.  The Flex platform ties together flexibility buyers (the large Distribution Network Operators (DNOs)) and flexibility ‘sellers’, so that they can easily and rapidly agree a contract for capacity and pricing.

It is vital for the UK and overseas energy sector to become as flexible as possible, so that CO2 can continue to be removed from energy supply. With increasing flexibility, purchased on increasingly shorter-timescales, renewable energy sources such as wind, solar, and domestic and grid-level batteries, can play a greater role in electricity supply. The easier renewable energy suppliers can sell, the more confidence the market has in investing in new renewable generation.

Piclo is backed by the Government’s Business Energy & Industrial Strategy (BEIS) and already has collaboration agreements with five of the six British DNOs to trial the platform this year. UK Power Networks (the largest grid operator in the UK) has committed to source all its requirement for flexibility through Piclo Flex, with the intention to use it on a commercial basis from 2019.

James Johnston (Piclo, CEO) commented, “Green Angel Syndicate is an excellent example of how business angel investing should work. Their due diligence process was effective, knowledgeable and to the point. Their in-house expertise of the complex energy market has been instrumental and adds great value. This is exactly what we were looking for from our investors.”

About Green Angel Syndicate:

  • Green Angel Syndicate is the only specialist green angel syndicate in the UK, made up of a network of smart investors who are committed to the transition to a greener economy. We support early stage technology companies developing products and solutions specifically for a more efficient and sustainable use of global resources.
  • If you want to find out more about becoming a green angel, contact Nick Lyth at nick@greenangelsyndicate.com

For press information contact Nick on 07802 150053

 

About Piclo (formerly known as Open Utility)

  • Piclo is an ambitious software company based in London with a mission to make electricity cheap, clean and abundant. They have secured £2.5 million of funding, including grants from DECC and BEIS and private investment from Ian Marchant, former CEO of SSE. Piclo has been named by Bloomberg as one of the UK’s top 50 Business Innovators and won Startup of the Year at European Utility Week.

For press information contact: james@piclo.energy

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