Arenko, a market-leading technology provider enabling the clean energy transition, has secured £9M of strategic growth capital to accelerate its growth in the UK and international renewable energy markets. The funding round was led by HICO Investment Group, a global investment firm focussed on maritime, logistics and energy transition, alongside new and existing investors.
Arenko is at the forefront of delivering digital transformation for the energy industry, through its proprietary enterprise software platform, Nimbus, an award-winning enterprise-grade control and data automation software for grid-scale batteries and renewables.
Nimbus standardises the most complex and diverse asset portfolios, connects assets, markets, users and applications onto a single, common digital platform. Customers benefit from operationalised, useable and transparently managed data flows, seamless asset and markets connectivity and automation of core operations with applications across trading, asset management, IT infrastructure and risk management.
Solving Problems for Large and Complex Asset Portfolios Globally
Founded in 2015 by Rupert Newland, Arenko initially started off as a battery asset developer, owner and operator, building some of the first and largest grid-scale batteries in the UK, including the Bloxwich 41 MW battery, a forerunner to the now well-established UK battery market.
To support its asset management and trading, Arenko developed software to optimise the performance of its own asset portfolio, using automation technology, AI, enhanced analytics and deep-learning algorithms. In 2020, Arenko sold its asset portfolio to focus on its enterprise software business. With this round, Arenko has raised £25m to develop and commercialise the software business.
Nimbus is rapidly being adopted by large energy companies, independent power products (IPPs) and renewable investors, to operate complex, diversified renewables and battery portfolios, with customers including RWE, Vattenfall, Ørsted, ENGIE, Gresham House, and Gore Street Capital. Nimbus is currently deployed over 2 GW and 49 projects in five countries across wind, solar, batteries and long-duration storage.
Arenko enables trading desks, utilities, and asset owners to seamlessly connect energy assets with revenue opportunities through real-time, autonomous, data-driven decision-making and execution. This enhances asset revenues, lowers operational costs, and enables stakeholders to effectively manage growing and diverse portfolios.
HICO Investment Group’s Commitment to Energy Transition
As part of the energy transition, HICO sees Arenko’s technology as instrumental in unlocking a more flexible, resilient, and efficient power grid. The investment will help accelerate Arenko’s commercial efforts and the deployment of its intelligent platform, expanding its capabilities and market reach.
The investment comes at a pivotal time when energy markets worldwide are shifting towards more sustainable and flexible grid solutions. By leveraging AI and data-driven, actionable insights, Arenko is set to redefine how energy storage and renewable energy assets are managed and monetised.
“We are excited to lead this investment in Arenko as they scale their solution globally and lead the digitisation of the electricity system,” remarked Chris Hartnoll, CEO and Managing Director of HICO Investment Group. “As renewable energy becomes a bigger part of our energy mix, asset owners’ agility in responding to demand and supply changes will become critical to keeping our electricity grids stable and affordable,” commented Hartnoll. “We see Arenko’s Nimbus software providing a full-stack capability for battery and renewable asset operators to seamlessly manage, connect, and monetise their assets.”
Arenko’s Vision for the Future
Rupert Newland, Chief Executive of Arenko, commented: “We are delighted to have completed this investment round and welcome HICO and other new investors as shareholders of Arenko. This is a hugely exciting time to be a part of Arenko as we rapidly scale the reach of our Nimbus platform and provide enterprise software to some of the biggest names in our industry.
The energy sector is going through a massive change, and digitalisation is at the forefront of enabling and unlocking significant value from this opportunity. Our customers have increasingly complex portfolios, and Nimbus has been designed to streamline some of the core challenges they face in this increasingly real-time world of operations.
We have been very impressed with HICO’s vision, and we have closely aligned strategies and objectives towards the future shape of the energy industry. We are delighted to be included in their portfolio and want to thank them for their show of support in Arenko.”