Law firm TLT has advised smart energy company Piclo on an equity investment from Mott MacDonald Ventures as part of a Series A £4.7m funding round led by the Clean Growth Fund.
Mott MacDonald Ventures, the strategic corporate venture arm of global engineering, management and development consultancy Mott MacDonald, will take a stake in the energy flexibility trading platform that connects buyers and sellers of energy.
Part of an investor syndicate with the Clean Growth Fund and the Green Angel Syndicate, Mott MacDonald Ventures is partnering with Piclo to support its mission to make electricity grids efficient, reliable and powered by sustainable energy.
Corporate partner Jon Gill, solicitor Matthew Howells, and trainee solicitor Kiran Khanna advised Piclo on all legal aspects of the investment round, which follows a £1.5m investment from the Clean Growth Fund in December 2020, on which TLT also advised.
Jon Gill, partner at TLT, says: “This is a great example of corporate VC investment in the cleantech space and comes at a time of significant growth for the sector. It’s encouraging to see an increasing number of major corporates taking an interest in clean energy technologies and service providers, and is testament to the role they play in helping achieve net zero targets.”
James Johnston, ceo and co-founder of Piclo says: “Strategic partnerships are very important for facing up to the challenge of decarbonisation, so it’s fantastic to close our Series A round with a like-minded investor that is as ambitious as we are. Alongside Mott MacDonald with the active support of the Clean Growth Fund and the Green Angel Syndicate, Piclo will continue to accelerate flexibility markets in the UK and internationally, grow our team and ramp up the development of new solutions. We are again grateful for the support and expertise provided by those at TLT, and look forward to working with them again as we continue our growth.”