Origami Energy has raised a further £18.6m, mostly from generator firm Aggreko. Other investors include Octopus Ventures, Cambridge Innovation Capital, and Fred Olsen related companies.
The company said it will use the money to scale its operations and prepare for international deployment: It aims to partner with the world’s largest energy companies.,
Origami is involved in flexibility, or demand-side response and battery storage. Its platform is designed to optimise distributed assets (generators, flexible load and storage) for end users and suppliers by putting their power into the right services or markets at the right time, so that the money they can earn per kilowatt is maximised.
The firm has recently signed deals with Smartest Energy and Good Energy, both of whom buy power from independent generators. Origami chief executive Peter Bance said those deals suggest energy companies “realise the value in using our intelligent technology platform to improve their profitability”.
Nick Emery of investor Fred Olsen said the Origami was making “great progress”, a sentiment echoed by Cambridge Innovation Capital and Octopus Ventures.
Aggreko’s investment gives it a 14% stake in Origami. Dan Ibbetson, managing director of Aggreko Global Solutions, said the investment opens up “excellent new opportunities” to the firm and its customers.