The Renewable Exchange ethos and mission is centered around connecting the renewable energy industry as efficiently possible. The energy sector is complex and difficult to navigate for sellers of power, even those with many years experience. The complexity of the contacts (Power Purchase Agreements – an agreement to buy and sell power for a given duration e.g. 12 months) often results in sellers being unclear of the expected value of their Power purchase agreement and if they have received the best market value when comparing competing offers.
Renewable Exchange created a marketplace to connect renewable asset owners with energy suppliers looking to buy their power and in the two and a half years since launching the first-of-its-kind platform is now used by over 1,400 generators. Not only does the marketplace allow generators to connect with over 40 energy suppliers, it completely streamlines the tendering process and gives generators a clear and independent analysis of what their power is worth.
The Renewable Exchange marketplace was conceptualised in 2016 by Robert Ogden and Michal Zglinski over many games of table tennis, and like many successful start- ups it was founded and built from the kitchen table! The marketplace underwent several iterations before evolving into the platform that is in operation today. The growth has been helped by the formation of a Bristol based sales team servicing generators across GB and the support of an international tech team who embrace the digital nomad lifestyle! The whole team is committed to renewable energy and sustainability, and most importantly to making sure generators receive best value via our marketplace.
Renewable Exchange is an innovator in the UK energy sector and is a tech company in a sector that is traditionally dominated by intermediaries using phone and email, with transactions occurring using hard copy contracts. We have used concepts commonplace across many other sectors and markets from businesses like Uber and AirBnB to enable generators to improve the process by which they sell their power. The platform is scalable internationally and we are working with asset owners in multiple markets to expand overseas.
Innovation from the team has been essential over the past 12 months as energy markets felt the impact of the ongoing pandemic. Power prices collapsed and have since rebounded, and the platform enabled renewable generators to react quickly to market volatility to take advantage of power price spikes, resulting in secure revenue over a period of great uncertainty. Continued redevelopment of the platform enables Renewable Exchange to adapt to these conditions and consistently meet the needs of the asset owners which has been vital to the growth of the business.
Renewable Exchange being located in Bristol is really important for our business – apart from being an amazing place to live Bristol has a real entrepreneurial, tech-based and innovative business community. It is a real hub for renewables from leading law firms such as TLT, Burgess Salmon and Foot Anstey, to leading finance parties who have been investing in renewable energy for nearly 20 years such as Triodos Bank and Thrive Renewables.
Further to this, many energy suppliers are located in the area who share our commitment to renewable energy such as Good Energy, Ecotricity, OVO and Pure Planet.
In respect to milestones 2021 is set to be a massive year for Renewable Exchange:
- As a business we grew 500% in 2020 and we want to continue growing
in 2021 at a sustainable pace. - Platform 2.0 is due to go live! This takes the platform to the next level
and enables our tech team to implement innovations even quicker to
react to new opportunities. - We’re primed for global expansion. Our aim is to move into another
international market this year and demonstrate the true scalability of
our cutting edge tech platform
As with every year we remain flexible and excited to embrace new challenges and opportunities as they appear in the ever changing and rapidly growing market of renewable electricity generation.
