measurable.energy secures £4.5 million fundraise
measurable.energy, the Reading-based start-up technology company which designs and manufactures smart, machine learning-enabled power sockets designed to reduce the energy costs of commercial buildings, has secured £4.5 million of Series A funding.
The funding was led by investor RO Capital Partners alongside Clean Growth Fund, Vectr7 Investment Partners LLP, and MMC Ventures. They join existing investor Bonheur ASA, the Norwegian-listed holding company with interests in renewable energy and shipping.
measurable.energy is an award-winning UK start-up technology company that designs and manufactures smart, machine learning enabled power sockets that can reduce the energy costs of commercial buildings by more than 20 per cent.
Customers include Kier Group, University of Reading, and Reading Borough Council.
Founded in 2018, measurable.energy’s solution is designed to eliminate ‘Small Power’ waste, that is energy not required by devices that are plugged in or directly wired, such as printers, AV equipment, chilled/hot water taps, monitors, and heaters, which are often left fully on or in standby mode overnight.
According to measurable.energy’s analysis, up to 40 per cent of total electricity usage in most commercial office buildings can be attributed to this type of ‘Small Power’ energy use.
measurable.energy combines its unique smart sockets with machine learning and software. The sockets automatically identify a device that is plugged in, monitor the device’s energy use, report granular real-time data, and can automatically turn the device off and on to avoid wasted energy.
Edward Rowlandson, group managing director, the 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 market the product more widely.”
Dan Williams, CEO and co-founder of measurable.energy, commented: “We offer 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 per cent.
“With the welcome support of our 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.”