Cutting Energy Use & Improving Energy Efficiency: Clean Growth Fund Leads £4.5M Investment In measurble.energy
Friday, 3 March 2023
Machine learning enabled power sockets that reduce the energy costs of commercial buildings by more than 20% has secured £4.5M of Series A funding. The funding round has been led by Clean Growth Fund, the UK venture capital fund that solely invests in the UK’s most promising early-stage clean-tech companies.
Clean Growth Fund (CGF) has invested £2.5M in measurable.energy, alongside a suite of other investors, including Vectr7 Investment Partners LLP, RO Capital Partners (ROCP), and MMC Ventures. They join existing investor Bonheur ASA, the Norwegian-listed holding company for the Fred Olsen family, which has significant interests in the renewable energy and shipping sectors.
Founded in 2018, measurable.energy’s solution is designed to eliminate “Small Power” waste, energy that isn’t required by devices that are plugged-in or directly wired. For example, printers, AV equipment, chilled/hot water taps, monitors, heaters etc are often left fully on or in standby mode overnight or when an office isn’t in use. According to measurable.energy’s analysis, up to 40% of total electricity usage in most commercial office buildings can be attributed to this type of energy use.
measurable.energy has estimated that a building that used 5,000 of its smart power sockets could cut c£115,000 from its annual energy bill, whilst also avoiding 95 tonnes of greenhouse gas (GHG) emissions per year. And it expects to remove more than c1million tonnes of CO₂e from the global built environment over the next 10 years as more and more customers use their technology, equivalent to taking c130,000 cars off the road for one year.
measurable.energy achieves these results by combining their unique smart sockets with machine learning and software. The sockets automatically identify a device that is plugged-in, monitor the device’s energy use, reports granular real-time data and can automatically turn the device off and on to avoid wasted energy.
In addition, the socket has a lighting system that indicates the carbon intensity of the electricity grid: from red for mostly fossil fuels to green for mostly renewables. This helps to drive behavioural change as people can choose, or request the m.e system, to wait for a ‘greener’ energy supply.
Since the launch of its solution earlier this year, measurable.energy has secured sales of its sockets and energy management system with a range of companies and organisations, including Kier Group, University of Reading, Stantec and Reading Borough Council. With the new investment, which will support further R&D and recruitment of specialist staff, measurable.energy expects its sales to ramp up quickly as the impact of high energy prices and ESG demands mean businesses must find ways to reduce their costs and do more to decarbonize their operations. It also plans to enter the residential market.
Dan Williams, CEO and co-founder of measurable.energy said: “Our technology offers a simple solution for office occupiers who are under pressure to take action and cut energy costs and reduce emissions. Our solution can pay back financially within two years and allows business customers to reduce their electricity bills by at least 20%.”
“With the welcome support of Clean Growth Fund, and our other new investors, we are in a stronger position to accelerate our commercial sales in the UK and global markets, as well as plan our entry into the residential market.”
Jonathan Tudor, Investment Partner at Clean Growth Fund: “The combination of measurable.energy’s hardware and machine-learning is delivering spectacular results – energy saving, carbon saving and commercial sales. Dan, Josh and their team are exceeding their own expectations for demand for their products and we share their excitement for the future. With office occupiers needing to cut energy costs and become more sustainable, the purchase of a measurable.energy product is an easy one for facilities managers, building owners and occupants to make.”
Mary Criebardis Singh, Founder & Managing Partner, Vectr7 Investment Partners LLP, added: “measurable.energy’s purpose is to deliver profound social and environmental change. Their unique solution eliminates wasted energy in buildings which will enable the real estate industry to reduce emissions and accelerate towards net-zero. With elevated energy prices, their platform tackles fuel poverty and helps small businesses and households as they manage their energy costs. Overall, this aligns perfectly with our thesis for high impact. The founders’ backgrounds are a perfect combination of machine learning, technology and sustainability and we are excited to partner with them on their journey.”
Edward Rowlandson, Group Managing Director of RO, said:“We own a diversified portfolio of commercial properties and as a landlord, measurable.energy’s solution was immediately attractive to us. Initially as an early customer of the business, we are now delighted to have invested in measurable.energy, for two important reasons: firstly, we are all facing alarmingly high costs of energy, and secondly we are acutely aware of the need to reduce energy use from an environmental perspective. measurable.energy’s solution is a step in the right direction on both of these fronts.
“Given these twin factors we are very excited about the prospects for the business and look forward to working with Dan and his team, to both use and help market the product more widely.”
About measurable.energy (www.measurable.energy)
Diana Kamkina, Marketing Lead: email@example.com
measurable.energy are a Reading based startup with a bold mission to eliminate all energy waste from the built environment, starting with Small Power. Co-founders Dr Dan Williams and Dr Josh Eadie created measurable.energy in 2018, from the ground up to equip facilities managers, building owners and occupants with real-time energy and GHG emissions monitoring, automated controls, and data driven actions to avoid unnecessary carbon emissions and reduce costs.
The company has won a series of awards in 2022 including a Building Innovation Award, the Green Hustle Award, and the Big Sustainability Award.
About Clean Growth Fund (www.cleangrowthfund.com / twitter @cleangrowthfund)
Jonathan Tudor, Investment Partner: firstname.lastname@example.org
Beverley Gower-Jones, Managing Partner: email@example.com
Lisa Thornley, Marketing Manager: firstname.lastname@example.org
Paul Taylor, Taylor Keogh Communications: +44 (0)7966 782611 / email@example.com
Clean Growth Fund was launched in May 2020. It is a £101m venture capital fund that is targeting the UK’s most promising early-stage “clean growth” companies that are pioneering carbon emission reductions in the areas of power and energy, buildings, transport and waste. Its remit is to drive superior financial returns for investors and accelerate the development and commercialisation of clean growth technologies in the UK – leading to the creation of new and skilled jobs across the country and contributing to the UK’s efforts to deliver net zero by 2050.
In addition to measurable.energy, Clean Growth Fund has to date invested in eight other UK clean tech companies: https://www.cleangrowthfund.com/portfolio/