Limejump welcomes its acquisition by Shell
February 28, 2019
Shell Petroleum Company Limited has agreed to acquire Limejump Ltd, a UK based energy technology company. 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.
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.”
The Angel CoFund first invested into Limejump in 2015, as part of its £1.4m seed extension alongside Passion Capital and JamJar Investments. The Fund invested further in September 2017 in its £3m Series A round, led by Statkraft Ventures GmbH.
Tim Mills, Managing Partner of the Angel CoFund said:
“We’re extremely proud of the Limejump team and the exceptional business they have built over the past six years. This acquisition by Shell unlocks a new stage of growth for the team and ensures that they are able to further extend the platform. When we first began working with Limejump it was apparent they had a strong vision for an emerging market space – where the opportunity and challenge of distributed power generation requires a new model to unlock lower carbon sources. Their exit to Shell, with an impressive return for investors, is credit to the depth of knowledge of the Limejump team and the quality of their technology, which made them a pioneer in the sustainable energy sector and a standout UK company.”
You can read the full story on the acquisition of Limejump here.