London based energy utility Limejump has secured £3m in the Series A funding round led by Germany based venture capital provider Statkraft Ventures.

Passion Capital and Angel CoFund, the current investors of Limejump, have also invested in the funding round.

Limejump plans to utilise the new funding to expand its customer base and further commercialise its Virtual Power Plant technology. 

The company is involved in re-engineering of the energy utility model through its software expertise in the application of big data and machine-learning tools.

In order to take advantage of price arbitrage, ancillary services and real-time optimisation opportunities, the technology platform provided Limejump integrates batteries and a mixture of other assets in its Virtual Power Plant. 

Limejump CEO Erik Nygard said: “We had plenty of financing-options but their investment team has a sound understanding of the energy marketplace and is very visionary about the disruption that is needed to take the market forward.”

Statkraft Ventures investment manager Alexander Kueppers said: “Limejump developed the necessary software stack in order to digitise the full value chain serving asset owners in power generation, demand and storage in a lean and efficient manner.

“Utilising a portfolio approach within this “triangle of flexibility” gives Limejump´s customers a maximum return on their respective asset.”

With a managing capacity of 26MW, Limejump is one of the major aggregators of distributed batteries in the UK, with an annual sales revenue of more than £20m.