PPAYA, a continuous auction and management platform which connects commercial energy purchasers with renewable energy generators, has secured almost £1 million in funding to support its launch and growth.
The backing is led by experienced industry investors, including Chris Rodgers (head of energy finance at Close Brothers and director at Gen Capital), James Sutcliffe (head of energy division at Close Brothers and director at Gen Capital), Chris Walker (managing director at Muirhall Energy), and Roy Foster (director at CR Foster Hydro), and provides capital for the start-up to recruit a team of technology experts to further the development of its software platform.
PPAYA is focused on maximising the price of Power Purchasing Agreements (PPAs) and reducing the administrative burden. As the UK puts in place plans to de-carbonise and the renewables sector embraces the deployment of subsidy-free renewables, which is expected to unlock around £20 billion of investment between now and 2030, PPAYA is hoping to help generators maximise potential PPA prices and maximise returns when they look to renew.
The capital will also be used to widen the company’s offering to agricultural energy generators by backing projects that will support the UK’s transition towards renewable generation. As the industry embraces anaerobic digestion technologies to meet sustainability goals and produce energy, PPAYA’s platform will aim to make it easier for farmers to gain an overview of clean energy markets and capitalise on opportunities.
PPAYA’s founder and CEO, Kristina Rabecaite, a previous winner of the “Woman of the Year” Award at the Solar & Storage Live Event, said: “The energy industry is very reactive when it comes to executing PPAs and most people and companies do not have the tools or time to alert them to power price spikes.
“The PPAYA platform is here to take on the existing challenges and deliver an intuitive solution to improve and optimise the existing PPA execution process. We are delighted to have secured support from an established network of energy investors who recognise the value that PPAYA can bring to the industry, and the benefits we can bring to generators, renewable asset developers and fund managers alike.”