Shell New Energies to Acquire UK Smart Grid Control Firm Limejump
Oil giant, Shell's New Energies business in the Netherlands has agreed to acquire Limejump Ltd, a UK-based energy technology company. Upon completion, Limejump will become a wholly owned subsidiary of Shell. The companies did not disclose the terms of the acquisition.
Limejump offers the Virtual Power Plant (VPP) system, which controls and optimizes energy assets such as batteries, chillers, CHP engines, LFG generator, AD Generators. The system provides a route to market and a return on investment. The VPP system is composed of critical integrated components including the company's cloud-based software, smart box, analytical capabilities, ops/trading platforms, a commercial/billing platform, and customer portal.
Connective smart devices allow the VPP system to control and also to provide feedback needed to optimize the performance of these assets. Cloud-based software gathers information from VPP devices that is processed using the company's analytics algorithms to enhance and optimize an asset's performance.
With this deal, Limejump's technology and management team intends to enable both companies to continue taking steps to support the UK energy system's transition to a lower carbon and cleaner future.
Limejump says it will continue to focus on its three main objectives: paving the way to a more sustainable energy future; maximizing revenue streams for all decentralized asset owners; and utilizing data science and technology to enhance the interplay between renewable supply, demand flexibility and energy storage.
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 revolutionize the energy industry and to put it simply, we are now super-charged and ready."
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 optimizes 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."
Erik Nygard added, "We are in the middle of an energy revolution and joining forces with Shell allows Limejump to make a much greater impact on the market while enhancing the experience of our valued Limejump customers.
It allows us to further increase the quality and scale of our products in ways that truly excite us. With Shell's support, we can accelerate the advent of a future where our customers play a more significant part in the energy system whilst maximizing the value for this participation. This development is about maintaining our momentum in an unprecedented industry revolution."
"We will remain independent and we will continue to focus on our three main objectives: paving the way to a more sustainable energy future, maximizing revenue streams for all decentralized asset owners and utilizing data science and technology to enhance the interplay between renewable supply, demand flexibility and energy storage," Nygard said. "With the backing of one of the largest energy companies in the world, Limejump now has full financial security across our entire product suite, and this will allow us to strengthen Limejump's offering including new innovative features and products, as well as increased platform robustness."
He concluded, "With our agreement with Shell, coupled with the valued support of our customers, we are now super-charged to drive forward towards a sustainable energy future."