Energy auction platform secures nearly £1m investment for launch

A continuous auction and management platform that connects commercial energy purchasers with renewable energy generators has secured six-figure funding.

PPAYA has secured almost £1m in funding to support the launch and growth on its new virtual marketplace, which is focused around maximising the price of Power Purchasing Agreements (PPAs).

The investment round was led by a range of 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 (MD at Muirhall Energy), and Roy Foster (director at CR Foster Hydro).

PPAYA plans to use the funding to invest in recruiting a team of technology specialists to further the development of its bespoke software-based technology platform.

PPAYA’s founder and CEO, Kristina Rabecaite, commented: “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 fund managers, renewable asset developers and generators alike.”