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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.