The investment is the first made by the venture capital fund, which was established in May 2020 to invest in UK clean-tech companies. London-based Piclo has secured the investment to help fund its UK and international growth.
Corporate partner Jon Gill and solicitor Matthew Howells advised Piclo on all legal aspects of the investment round, working alongside James Thomas of HMT Corporate Finance who provided corporate finance advice.
Jon Gill, corporate partner at TLT, said: “This is a great example of the benefits of having sector-specialist venture capital firms in the clean tech sector, building on existing investments in Piclo from Bethnal Green Ventures and Green Angel Syndicate.”
“Flexibility is critical to aid the transition as the UK integrates more renewable power into the mix, and it’s encouraging to see continued interest from investors in clean energy technologies and service providers.”
James Johnston, CEO and co-founder of Piclo, says: “The investment by the Clean Growth Fund marks the next, big step forward in Piclo’s journey, facilitating and growing flexibility markets: be prepared for more flexibility, more markets and more partnerships both in the UK and abroad.
“We are grateful for the support and expert advice provided by Jon and Matt at TLT, which enabled us to complete this transaction smoothly and with confidence of a positive outcome.”
Beverley Gower-Jones, Managing Partner of the Clean Growth Fund and who will join the board of Piclo, said the company is “precisely the type of clean-tech company that the Clean Growth Fund wants to invest in.”
Since 2019, Piclo has developed commercial partnerships with five UK DNOs including Electricity North West, Scottish and Southern Electricity Networks, UK Power Networks, Western Power Distribution and SP Energy Networks. Over 300 flex providers have registered 10GW of assets on the platform, including demand-response aggregators, electricity suppliers, generation operators, battery operators, industrial and commercial (I&C) customers, local authorities, community groups and electric vehicle charging operators.