Penningtons Manches’ corporate team has advised Open Energy Market Limited on its recent £3 million investment from Calculus Capital.
Open Energy Market operates an online trading platform for the management of energy contracts and already counts the likes of Dairy Crest, EasyJet and London Business School among its users. The funding from Calculus Capital will be used to increase headcount and to implement significant platform developments, including extensions into other commodities and expansion into the US market.
The Penningtons Manches team was led by corporate partner James Went and corporate associate Attilio Leccisotti.
James Went commented: “Open Energy Market has developed an innovative platform in a lucrative market with strong growth potential. We’re very pleased to have been able to support Open Energy Market in this transaction which will enable its next phase of development in both the UK and US.”