Peter Bance

Origami Energy closes £18.6m funding round

Origami Energy, a technology platform provider to the energy market, has announced that its latest funding round, completed in March, has raised a total of £18.6m.

This takes the total funds raised by the company to £36m since 2014 and includes investment from FTSE-listed Aggreko plc, the global leader in on-site power generation.

Current investors who participated in this funding round include Octopus Ventures, Cambridge Innovation Capital, and Fred. Olsen related companies.

Over the last 12 months, Origami Energy has progressed from deploying commercial projects with industrial and commercial customers to signing multi-year partnership agreements with leading energy suppliers including SmartestEnergy (owned by Marubeni, the Japanese-headquartered global trading company) and the renewables specialist Good Energy plc.

Peter Bance, chief executive of Origami Energy, said: “The continued support of our existing shareholders and Aggreko’s major investment in our company demonstrates their confidence in our business growth.

“Furthermore, our recent partnership announcements with SmartestEnergy and Good Energy demonstrate that innovative energy market players realise the value in using our intelligent technology platform to improve their profitability by enabling new services.”

This funding round provides the company with additional capital to continue the delivery of its growth plans and become a strategic technology partner for some of the world’s largest energy companies.

The funds will be used to help accelerate the growth of Origami Energy in the UK and to prepare for international deployment.

Nick Emery of Fred. Olsen group of companies, said: “Origami Energy has made great progress in the two years since our original investment and we are pleased to continue to support the company.

“The energy world is changing rapidly; we see Origami Energy at the forefront of developing technology to capitalise on the opportunities presented to energy market participants.”

Published: 05 April 2018

Article by Bryce Wilcock
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