Dealflow | March 23, 2023

Piclo raises £8.3 million to add clean energy sources to electricity grids

Jessica Pothering
ImpactAlpha Editor

Jessica Pothering

ImpactAlpha, March 23 – London-based Piclo has developed a marketplace to help electricity system operators, which balance supply and demand on local electricity grids, procure power from clean energy sources, including electric vehicles and battery systems.

The company’s goal is to speed grid decarbonization worldwide. Its home market has been wracked by soaring energy costs stemming from the war in Ukraine.

Piclo says it has facilitated the transfer of 1.1 gigawatts of energy capacity worth £57 million ($70 million) in the U.K. and Europe.

It raised £8.3 million in a Series B equity round from Future Energy Ventures, Clean Growth Fund, Toshiba Energy Systems & Solutions, Japan Energy Fund and others.

It plans to expand in Europe and to the U.S. and Asia.

Separately, battery storage provider Electriq Powerinked a deal worth up to $300 million with an undisclosed clean energy company to build “sustainable community networks” across California.