Statkraft investment to help UK's Limejump boost virtual power plant tech

UK's Limejump Ltd has closed a GBP-3-million (USD 3.9m/EUR 3.4m) Series A funding round to enhance its virtual power plant technology.

The funding round was led by Statkraft Ventures GmbH, the venture capital arm of Norwegian state-owned utility Statkraft, and also included participation from Limejump's existing investors Passion Capital and Angel CoFund.

The UK company will use the funds to scale its customer base and further commercialise its virtual power plant technology, Statkraft Ventures, which will be a non-strategic financial investor, said on Wednesday.

Limejump's platform brings together batteries and other assets in a virtual power plant to take advantage of price arbitrage, ancillary services and real-time optimisation opportunities. The approach helps even small, distributed assets get access to market opportunities. According to the announcement, Limejump is at present the biggest aggregator of distributed batteries in the UK, managing 26 MW of capacity.

(GBP 1 = USD 1.311/EUR 1.121)

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