HMT LLP, led by Partner James Thomas, has again provided lead advisory services to smart energy company Piclo, as they conclude their Series A investment from a syndicate led by the Clean Growth Fund and joined by Mott McDonald Digital Ventures to bring the total investment to £4.7m.
Established in 2013, Piclo is chaired by Volker Beckers the former Group CEO of RWE Npower. At the forefront of disrupting the energy sector, Piclo leverages the latest digital technology to develop an independent, online marketplace. The Piclo Flex platform enables network operators to procure flexibility services that help balance the grid from technologies such as electric vehicles and battery storage, advancing the network’s reliability and providing new revenue streams to emerging technologies.
Piclo has commercially partnered with six of the seven UK distribution network operators since being trialled in 2018 and is collaborating with National Grid ESO to enable new flexibility markets. In 2020, Piclo facilitated the UK’s largest ever flexibility tender at the distribution level that saw network operator UK Power Networks award £14million worth of flexibility contracts.
The conclusion of their series A investment follows a first close in December 2020, alongside Green Angel Syndicate and with Mott McDonald Digital Ventures also joining the round, this brings the total investment to £4.7m.
HMT was mandated to support Piclo’s founders and management on their Series A fundraise and have also identified a number of funders who are keen to participate on a future Series B round.
James Johnson, CEO at Piclo commented:
“We would like to thank James and the team at HMT for all their dedication, advice and hard work in helping us throughout the course of our fundraising and we are excited at the prospect of working even more closely with our new investors to deliver on our vision for Piclo Flex and the role that it will play in delivering Net Zero.”
James Thomas commented:
“We have thoroughly enjoyed working with James, Volker and the whole team at Piclo on this transaction and are thrilled to have helped close out this meaningful investment round. We look forward to tracking Piclo’s progress over the coming months and to see some of the very exciting international projects that they are currently working on being announced to the market.”