Clean Growth Fund leads £4.5M investment in measurable.energy
Clean Growth Fund has invested £2.5m in measurable.energy, an award-winning UK start-up technology company, that designs and manufactures smart, machine learning enabled power sockets that reduce the energy costs of commercial buildings by more than 20%.
As part of a £4.5M of Series A funding, Clean Growth Fund invested 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 said: “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.”