CIC has participated in an £18.6 million funding round in Origami Energy. Aggreko plc, the FTSE-listed global leader in on-site power generation with a presence in over 100 countries, has made a major investment in this funding round. Other current investors also participated.
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.
The continued support of our existing shareholders and Aggreko’s major investment in our company demonstrates their utmost confidence in our business growth.CEO, Origami Energy
This funding round provides Origami Energy with additional capital to continue the delivery of its growth plans and become a strategic technology partner for some of the world’s largest 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 commented: “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.”
Peter Bance, chief executive of Origami Energy added: “The continued support of our existing shareholders and Aggreko’s major investment in our company demonstrates their utmost 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 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 digitisation. By harnessing energy flexibility, Origami Energy’s technology enables greater use of renewables and increases profitability for energy market players including energy suppliers, traders and distributed energy asset owners.