Energy start-up raises £5.5m
Start-up Upside Energy has raised £5.5 million in funding in a Series A round.
The firm, based at the Salford Innovation Forum, has developed a cloud platform that uses advanced algorithms and artificial intelligence to coordinate connected devices to deliver valuable flexibility services to the energy system.
Following three years of development and testing, including collaborative studies with the UK government, universities and global equipment manufacturers, the platform is in its commercialisation stage.
Devrim Celal, Upside’s chief executive, said: “Upside has a unique proposition; while creating a commercially successful business, we are also enabling a greener and sustainable energy system.
“We are achieving this through partnerships with major equipment manufacturers, renewable and storage project developers, financial institutions and electricity suppliers.
“This investment will help us scale up our operations and realise our vision to create a new, cleaner and more equitable energy system.”
The funding round was led by Legal & General Capital and SYSTEMIQ, which each contributed £1.5m, with Modern Energy, Bulldog Innovation Group and several individuals among the other investors.
John Bromley, head of clean energy at Legal & General Capital, said: “Alongside investing in the creation of long-term clean energy generating assets in solar and onshore wind, we are investing in complementary technology that together will be essential in delivering an affordable clean energy system to UK consumers.
“I am therefore delighted to be working with Upside Energy and some of the UK’s brightest talent in software development, united by a mission to make clean, affordable energy, available to all.”
Jeremy Oppenheim, founding partner of SYSTEMIQ, said: “Advanced demand-side response systems such as Upside’s can enable a much faster and more substantial transition to a renewables-based grid by utilising smaller assets in flexibility provision, and smoothing the market by allowing faster response times and inter-utility provider (and consumer/asset owner) trading.
“We are therefore extremely excited to announce our first investment in Upside Energy, and look forward to working with the management team and our co-investors to make this business a success.”