Piclo secures investment led by EDP Ventures to fund international expansion
The funding round was co-led by EDP Ventures alongside Clean Growth Fund and Future Energy Ventures.
Piclo develops software solutions that enable electricity buyers and sellers to trade capacity, supporting the decarbonisation of electrical networks. Its platform operates across six markets globally, including the UK, the US and Australia.
Piclo has secured a new investment round led by EDP Ventures, with participation from existing backers Clean Growth Fund and Future Energy Ventures. The funding precedes a larger round planned later in 2024. The capital will be directed towards expanding the company's international presence into new regions of the United States and Australia.
The company operates an end-to-end platform for energy flexibility markets, managing over 300,000 active assets. This latest backing reinforces strategic ties with EDP, whose distribution subsidiary already utilises the technology in Portugal.
From the founder
"We are pleased to announce EDP Ventures’ new investment into Piclo which will support the growth of our presence in new markets, particularly expanding further into the USA and the Asia-Pacific. Since launching in 2018, we have helped network operators around the world harness flexibility as an essential solution to modernize the grid. Our innovative solutions are used to maximize grid capacity, and help Distributed Energy Resources access more markets and increase revenue. We are helping to bring more renewables online, decarbonise the world’s grids and ensure a more sustainable future"
James Johnston
CEO at Piclo
Investor perspective
"We are delighted to join CGF and FEV as investors in this funding round and we’re thrilled to strengthen our partnership with Piclo. This collaboration will enhance our distributed energy resource assets, such as decentralized storage and industrial and residential assets, globally. With this partnership, we aim to contribute even more to the decarbonization of energy systems worldwide and explore new opportunities in flexibility markets"
Frederico Gonçalves
Managing Director, EDP Ventures
Use of funds
- 01Expand into international markets
Investors
Categories
About the company
Piclo
Piclo operates a global energy flexibility marketplace that makes electricity grids smarter and more sustainable.