Statkraft has led a £3m funding round in UK demand-side response player Limejump. The company will use the funds to scale its customer base and commercialise its virtual power plant operation.
Statkraft, owned by the Norwegian state, said it will remain purely a financial backer with no strategic input.
“We are excited to have Statkraft Ventures on board; we had plenty of financing-options but their investment team has a sound understanding of the energy marketplace and is very visionary about the disruption that is needed to take the market forward,” says Erik Nygard, Limejump’s CEO.
Limejump claims it has 26MW of batteries under management in the UK and annual sales of over £20m from some 200 customers. It says its technology enables even small distributed loads to take advantage of revenues available from balancing services and arbitrage.
The firm is also one of six preferred suppliers of flexibility services to the public sector, being selected for the Crown Commercial Service’s demand-side response framework. CCS manages some £2.3bn in annual fuel and utilities spend.
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