Piclo Secures Funding to Advance Energy Flexibility Solutions
Piclo, a provider of innovative software solutions focused on energy flexibility markets, has successfully secured an undisclosed funding amount. This exciting development comes as part of a funding round co-led by EDP Ventures, alongside existing investors such as Clean Growth Fund (CGF) and Future Energy Ventures (FEV). Although the specific financial details of the deal remain undisclosed, the investment marks a significant milestone for the London, UK-based company, signaling strong support from seasoned investors in the renewable energy sector.
Under the leadership of CEO James Johnston, Piclo is committed to expanding its influence globally, channeling the newly acquired funds toward growth in key markets including the United States and Australia.
The company specializes in developing software solutions tailored for energy networks, offering products like Piclo Max, a market access platform designed to facilitate flex sellers, which include electric vehicle (EV) and battery owners. Additionally, they provide Piclo Flex, a marketplace that allows flexibility service buyers, such as system operators, to find necessary resources during periods of high demand or low supply. This innovative approach aligns with the growing need for adaptable energy solutions in an ever-evolving market.
To date, Piclo has successfully registered over 300,000 flexible assets, representing a substantial 22 GW of registered flex capacity. The company has also awarded flexibility contracts totaling £74 million and procured over 2.6 GW of flexible capacity. Piclo's operations are currently active in six global markets, including the UK, where they support all six Distribution System Operators such as UK Power Networks and Northern Powergrid. The company also operates in Ireland, Italy, Portugal, Australia, and the United States, where they engage with major players like National Grid in New York State and United Illuminating in Connecticut. As they venture into new territories, Piclo aims to further enhance energy flexibility and contribute to a more sustainable future.
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