Shell* has agreed to acquire Limejump Ltd, a UK based energy technology company which is part of the portfolio of SET Fund II. With this deal Limejump’s technology and management team will enable both companies to continue to take steps to support the UK energy system’s transition to a lower carbon future. Upon completion Limejump will become a wholly owned subsidiary of Shell.
“We shared the ambition of Limejump to change the shape of the energy system with new decentralised flexible assets. Erik Nygard and his team are delivering this vision and have found in Shell the ideal partner to expand its market-leading position”, says Craig Douglas, Investment Manager at SET Ventures. “With Shell as the new business owner, we believe that Limejump can further accelerate the energy system transition.”
Erik Nygard, CEO of Limejump, said “This is an exciting moment – we are in the middle of a revolution towards a future where many electricity networks around the world are powered by renewable electricity. Shell will help us to drive our innovative technology platform to new heights and support the Limejump team to make a bigger impact on the industry than previously possible. This agreement supports our continued mission to revolutionise the energy industry and to put it simply, we are now super-charged and ready.”
Limejump will continue to focus on its three main objectives: paving the way to a more sustainable energy future; maximising revenue streams for all decentralised asset owners; and utilising data science and technology to enhance the interplay between renewable supply, demand flexibility and energy storage.
Brian Davis, VP Energy Solutions at Shell New Energies explained “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.”
About Limejump Ltd.
Limejump is an award-winning digital energy platform, providing optimised routes to market for customers with electricity generating or consuming assets in the UK. Limejump manages one of the largest portfolios of batteries in the world through its Virtual Power Plant.
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About Shell New Energies
Shell established its New Energies division in 2016. Shell New Energies focuses on two main areas: new fuels for transport, such as advanced biofuels and hydrogen; and power, being involved at almost every stage of the process, from generating electricity, to buying and selling it, to supplying it directly to customers. Shell aims to make electricity a significant part of its business. Shell’s New Energies business is seeking to leverage the company’s strengths in fast-growing and commercial parts of the energy industry. For more information, go to https://www.shell.com/energy-and-innovation/new-energies.html
* Shell Petroleum Company Limited