CGF provides further investment for Piclo as part of £8.3m raise

Piclo team

Clean Growth Fund has provided further investment into Piclo, the world’s leading flexibility services marketplace provider, as part of its Series B funding round.

Piclo has raised £8.3 million to further strengthen its market leading position in the UK and Europe, as well as grow its international presence in the US, and Asia-Pacific. The funds will also support the rapidly growing team, as well as further investment in product development.

Piclo was Clean Growth Fund’s first investment back in 2020.

Piclo’s series B funding round was co-led by Future Energy Ventures (FEV) and Clean Growth Fund (CGF), followed by existing investor Green Angel Syndicate  and new investors Toshiba Energy Systems & Solutions, Sustainable Future Ventures (SFV) and Japan Energy Fund (JEF).

As of 2022, Piclo Flex is one of the largest flexibility marketplaces – with over 55,000 assets registered representing over 16GW of flexibility, and has facilitated 1.1GW of  flexibility capacity worth over £57 million. Backed by its existing and new investors, Piclo is aiming to establish partnerships in new markets in Europe, the US and Asia-Pacific.

Founded in 2013 by James Johnston, Andy Kilner and Alice Tyler, Piclo’s mission is to decarbonise the grid. Piclo Flex, its end-to-end marketplace, enables system operators (SOs) to procure, dispatch and settle local flexibility services from flexibility service providers (FSPs) like electric vehicles (EVs), to balance the grid during times of constraint, helping to make energy networks smarter, flexible and more sustainable.

James Johnston, CEO Piclo says:

 “We are delighted that our investors have chosen to support Piclo and drive our vision of a decarbonised grid and net zero future by 2050. We believe that flexibility solutions through our marketplace have a critical role to play in the journey to net zero around the world and help deliver increased energy security at lower cost, building on the great progress we’ve already made in the UK. It is an exciting time to be part of a UK cleantech ecosystem that will deliver the solutions we need to achieve net zero.  Whilst we had minimal exposure to SVB, we applaud the quick action of the US and UK authorities which has reassured the business community.”

Beverley Gower-Jones, Managing Partner of Clean Growth Fund says:

Piclo was Clean Growth Fund’s first investment in December 2020, and since then Piclo has gone from strength to strength, growing its business in the UK and the Continent and now working alongside National Grid to deliver a new flexibility marketplace in New York State.  Given their success to date and the pressure on network operators to decarbonise, we are delighted to invest again in Piclo and support their next phase of growth.”