Petroleum producer Shell has agreed to acquire Limejump, a UK-based virtual power plant developer backed by energy utility Statkraft, for an undisclosed amount.
Founded in 2013, Limejump provides a cloud-based software platform that can create virtual power plants where isolated renewable energy systems can link together, to join the UK grid and earn money by providing energy when necessary.
The system uses machine learning technology to help smaller renewable generators and battery storage units access the balancing mechanism market, a tool used by the UK’s national grid to balance electricity supply and demand.
Brian Davis, vice-president of energy solutions for Shell subsidiary Shell New Energies, said: “We are impressed by the Limejump team and their track record of building a digital energy platform that connects and optimises a diverse range of assets.
“Together, we can offer more choices to our customers in the UK as we accelerate the building of a customer-focused energy system in support of Shell’s strategy to offer more and cleaner energy solutions to customers.”
Statkraft Ventures, Statkraft’s corporate venturing arm, led a $3.9m series A round for Limejump in July 2017, investing alongside venture capital firm Passion Capital and VC fund Angel CoFund. Energy investment fund Set Ventures doubled the size of the round four months later through an additional investment.
Passion Capital and Angel CoFund had previously participated in the company’s $2.2m seed round in 2015, investing alongside VC fund JamJar Investments.
The deal comes after Shell agreed last month to acquire Germany-based energy storage technology provider Sonnen for an undisclosed amount.