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Limejump raises £3 million for virtual power plant tech

UK energy firm Limejump has raised £3 million to invest in its nascent virtual power plant technology.

Earlier this week the company closed a £3 million Series A funding round which was led by European energy major Statkraft, while previous Limejump investors Passion Capital and Angel CoFund also participated.

Statkraft Ventures is to operate as a pure non-strategic financial investor and Erik Nygard, CEO at Limejump, lauded the “sound understanding of the energy marketplace” that Statkraft’s invest team possesses.

The funding is to be used to both grow Limejump’s customer base and further commercialise its virtual power plant product.

Limejump has been prolific in procuring demand side response contracts under both Capacity Market and Demand Turn Down auctions, and in May struck a deal to add UK Power Networks’ landmark Leighton Buzzard battery to its portfolio of aggregation assets.