The UK based energy firm Limejump recently made headlines when the oil and gas giant Shell bought the firm. After the completion of the deal, Limejump became a wholly-owned subsidiary of Shell. The firm’s CEO and Founder, Erik Nygard admitted that it was an exciting moment and the fact that the world is in the middle of a revolution towards a future where almost all electricity networks around the world are powered by renewable electricity.
London based Limejump is a digital energy platform established in 2013, operating in the decentralised energy sector. It manages the largest portfolio of batteries in the UK and became the first aggregated virtual power plant unit admitted into Britain’s balancing mechanism market last year. The firm aims to take its innovative technology platform to new heights to make a bigger impact on the industry than previously possible. As the global energy tech leader, Limejump provides its clients with a route into the UK’s energy markets, maximising the commercial value of the assets through its virtual power platform.
Under the power purchase agreement (PPA), it unlocks the potential of the assets by providing its clients and consumers with a variety of commercial options including fixed and flexible power purchase agreements. Further, the company even contracts with generators including solar, wind, hydro, diesel anaerobic digestion, battery storage, and even landfill gas as a part of the fixed and flexible agreements.
“Our culture has shifted in the past two years, scaling up but continuously enjoying the challenges we drive, striving for real-world change and proving that the future can be sustainable and renewable.”
Limejump aims to deliver 100% renewable energy at all times to its customers through direct real-time connectivity between renewable energy sources, storage flexibility such as batteries and demand response. The company believes that this is the equivalent of building the future of energy. This future would be a 100% truly renewable-powered energy grid, which does not exist at the moment.
The firm’s ultimate mission is to revolutionise the energy industry to deliver sustainable solutions that maximise its customer’s value. And, it could achieve that position by harnessing the data and technology to shape the future of energy.
Limejump trades energy produced by distributed generators across the UK and National Grid. It is changing the way the world transacts energy. By embracing technology, especially machine learning algorithms, it can deliver renewable resources where demand requires electricity, in sub-second speed. Limejump’s virtual power platform is an aggregation of flexible energy generation and storage assets of different sizes and technology types. Overall, the brand has four core offerings: The balancing mechanism (BM), frequency response, power purchase agreements, and the capacity market.
Limejump has devised a clever system, wherein, for the first time ever, assets of all generation type or wattage can take part in this market through the Limejump BMU. The virtual power plant directly controls third-party assets to allow them to take advantage of half hourly wholesale prices and participate in the BM on a minute by minute basis. There is also an optimisation service available that allows customers who do not have their own trading ability and/or not of sufficient size to participate in the BM as a way of competing against larger polluting power plants. Using flexible& fixed price PPAs, the firm enables generators to take advantage of power price volatility throughout the day, week, month or year. It works with generators to increase the market understanding and provides options based on the risk appetite. As of now, it remains the only company trading assets within both BM and FFR simultaneously.
Limejump does possess an extensively experienced trading team which has helped them release the power of this technology and to take advantage of volatility within energy markets in real-time speed.
This prime advantage has helped the brand, bag several awards including Woman of the Year Award at Solar & Storage Live Awards (Kristina Rabecaite, BDM), Young Energy Professionals Forum (YEP) award for sustainability, Renewable Energy Association’s (REA) Energy Storage Award, S&P Platts Global Energy Award (Chief Trailblazer of the year), The Rising star Award and The Grid Edge Award amongst many others.
The firm was further shortlisted for the prestigious Business Green Leaders Awards in 5 categories including Green Infrastructure Project of the Year, CSR/Marketing/Advertising Campaign of the Year (The Future of Energy), Sustainability Executive of the Year (Joe McDonald, VP of Sales), Leader of the Year (Erik Nygard, CEO) and the overall Company of the Year.
Erik Nygard, Founder & CEO, Limejump
In spite of continuous growth, Nygard Feels “our culture has shifted in the past two years, scaling up but continuously enjoying the challenges we drive, striving for real-world change and proving that the future can be sustainable and renewable.”
“The industry is shaken by much misleading rhetoric, inaccurate pricing promises and is constantly hit by disingenuous political statements and a fundamental misunderstanding of what the energy industry is in the UK. The nation’s system was built out of industrial purposes. It has served that purpose well and in a stable manner. However, this is not the current or future iteration of our society and the system needs to evolve continuously to keep pace with global warming and climate change threats. So, ultimately, I began this business as I felt the UK market was missing a clear cut technology-led solution that could take advantage of demand response markets to provide real-time renewable generation assets to fuel the country, while also making complete commercial sense to investors by making revenue from these markets, which in turn supports future investment.”
“I was driven by the feeling that it could be a win-win in this market and that by gathering the brightest technology minds together we could be a significant supporting player in the decarbonisation of the UK energy industry.”
He further revealed that investment has been the single biggest challenge, like most start-ups, for Limejump. The supplier failure epidemic in the industry over the years has also fuelled nervousness around new players for the firm. However, the strength of convictions, skill in the team and the robustness of technology has helped the company build adequate credibility as a challenger brand in an industry that is more than a century old.
The ultimate focus for Limejump remains in scaling up from the energy industry in the UK to the whole world and to overcome the de-carbonisation challenge until it is permanently solved for the better.
“If every day I can get up and be contributing to a better energy future for the UK and the world, I’ll keep doing it,” says Nygard.
The virtual power plant directly controls third-party assets to allow them to take advantage of half hourly wholesale prices and participate in the BM on a minute by minute basis.