Origami Energy has raised £13.7m in funding from Cambridge Innovation Capital, Octopus Ventures and two private individuals, together with a new investment from Fred. Olsen related companies.
Origami Energy raised £4m of seed funding in the summer of 2014 and has since made “significant progress”, including building a team of more than 30 people from a range of disciplines across technology and energy sectors.
The new funding will allow Origami Energy to move from pilot field trials to multi-site commercial deployments with a range of customers, focusing initially on industrial and commercial sites. The funding will also allow the business to build out an energy storage asset development capability.
Chief executive Peter Bance 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.”