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Origami closes £18.6 million financing on back of ‘major’ investment from Aggreko

Energy tech firm Origami Energy has raised more than £18 million in Series B funding, including participation from on-site power specialist Aggreko.

Origami raised a total of £18.6 million from new and existing investors, including the likes of Octopus Ventures, Cambridge Innovation Capital and Fred. Olsen-related companies.

But perhaps most interesting is the “major” investment in the firm from Aggreko. Although historically a provider of on-site power solutions, Aggreko has turned its hand to decentralised power units and battery storage in particular. Last summer it paid £40 million for battery storage provider and system integrator Younicos.

Peter Bance, chief executive at Origami Energy, said Aggreko’s investment, coupled with the continued support of its existing shareholders, was down to confidence in its business growth.

Origami recently secured a flagship deal with energy off-taker and supplier SmartestEnergy, the latter agreeing to use the former’s tech platform in order to manage generation assets and consumption.

It came just two months after Origami agreed to act as the aggregator for green utility Good Energy’s nascent battery storage offer.  

Those deals, Bance said this morning, demonstrated the value more innovative players in the energy market attached to the firm’s platform and its potential to improve their profitability.