Origami raises £18.6m series ‘B’ funding
Origami Energy attracts major new investment from Aggreko and raises additional funds from existing shareholders
Origami Energy, technology platform provider to the energy market, today announces 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 the major investment from FTSE-listed Aggreko plc, the global leader in on-site power generation with a presence in over 100 countries. 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.
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.”
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.
Andrew Williamson of Cambridge Innovation Capital added: “We are pleased to see that Origami Energy continues to meet key targets in commercialising its technology to provide value to energy market participants. We look forward to working with the company during the next phase of its expansion.
Simon King of Octopus Ventures commented: "Origami Energy has a compelling proposition for the rapidly-evolving distributed energy market. It is making excellent progress in commercialising its technology platform to meet the challenges and opportunities presented by a changing energy landscape.”
Peter Bance, chief executive of Origami Energy commented: “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.”
Energy flexibility (the ability for generation, storage and demand assets to turn up/down or on/off) is growing in importance globally as the industry embraces the structural changes resulting from decentralisation, decarbonisation and digitalisation. By harnessing energy flexibility, Origami Energy’s technology enables greater use of renewables and increases profitability for energy market participants including energy suppliers, traders and distributed energy asset owners.
About Origami Energy
Origami Energy is a leading technology platform provider to the energy market. Origami Energy has developed a highly secure, scalable and versatile software platform enabling remote, real-time monitoring and intelligent real-time control of large numbers and types of energy assets. Origami Energy’s technology enables market participants to respond quickly to changes in the energy market, increase their profitability, access new revenue opportunities and improve trading positions.
Origami Energy has UK offices in London and Cambridge has previously raised £13.7m series ‘A’ funding in April 2016 from Cambridge Innovation Capital, Octopus Ventures and Fred. Olsen group of companies.
Origami Energy has invested significant funds in establishing the UK’s only dedicated micro-grid emulation and testing laboratory enabling rigorous testing of new applications, algorithms and asset classes such as batteries and electric vehicles prior to real-world deployments with customers.
Around the world, people, businesses and countries are striving for a better future - a future that needs power and the right conditions to succeed.
Aggreko works round the clock, making sure everyone gets the electricity, heating and cooling they need, whenever they need it – all powered by our class-leading equipment, trademark passion, unrivalled international experience and local knowledge. From urban development to unique commercial projects and even humanitarian emergencies, we bring our expertise and equipment to any location, from the world’s busiest cities to some of the most remote places on earth.
That’s what has made us the world’s leading provider of modular, mobile power and heating and cooling. We’ve been in business since 1962. We have more than 7,300 employees, operating from more than 200 locations in 100 countries. With revenues of approximately GBP 1.6bn (USD 2.6bn or Euros 2bn) in 2016, we are listed on the London Stock Exchange (AGK.L) and have our headquarters in Scotland.
Our business helps transform the lives and livelihoods of individuals, organisations and communities across the globe, in both developed and developing countries and markets.
We operate across all sectors, including oil and gas, petrochemical and refining, utilities, manufacturing, construction, mining and events.
We design and manufacture equipment specifically for these requirements in our factory in Dumbarton, Scotland and work with leading innovators to ensure our equipment offers maximum fuel flexibility, by using gas, diesel (including HFO) and renewable fuel sources.
Find out more about Aggreko here.
If you want to know more about Origami Energy’s products and services, please get in touch.