ICFG UK advised on the series A funding for Piclo
|HMT LLP, ICFG member based in the UK, 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.
|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.”