Power purchase agreement (PPA) platform Zeigo has secured £800,000 seed funding.
The company brings together buyers and sellers of renewable power. It aims to create a global PPA marketplace so that corporates buying clean power across their operational footprints are less reliant on other constructs, such as certificate schemes that can be open to abuse.
The investment, led by Naruhisa Nakagawa, founder of Caygan Capital, will enable the firm to scale.
Founder and CEO Juan Pablo Cerda said the firm is “thrilled to have garnered support from a strong network of energy and technology investors.
“This demonstrates that the real market opportunity is to become a scalable tech platform which can deliver a comprehensive renewable energy solution to our clients – corporate energy buyers and renewable generators,” he added.
Other investors include Green Angel Syndicate, a London syndicate investing in the Green Economy; ClearlySo, an ‘impact investment’ bank; the Syndicate Room, a UK online equity investment platform; and Earlymarket, a family office with an investment arm dedicated to early-stage technology start-ups.
Former Npower CEO, Paul Massara, recently joined Zeigo’s board. He said the aim is to “build a more transparent, efficient and informed market for renewables”.
Added Massara: “As we transition to a low carbon economy, it is essential that the market is open to many corporates and developers and that the associated risk management tools are open to all.”
Read a full interview with Juan Pablo Cerda here.