UK-based startup measurable.energy has secured £4.5m in a Series A funding round led by Clean Growth Fund (CGF).
The round also saw participation from Vectr7 Investment Partners LLP, RO Capital Partners (ROCP), MMC Ventures, and others.
Founded in 2018, measurable.energy has designed a smart power socket that automatically identifies when a device is plugged-in, monitors its energy use, and can automatically turn the device off and on to avoid wasted energy.
This ‘small power’ waste is 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 small power devices.
The startup estimates that a building that using 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.
The socket also has a lighting system that indicates the carbon intensity of the electricity grid: from red for mostly fossil fuels to green for mostly renewables, which the startup claims will help to drive behavioural change.
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, including contractor Kier Group and developer Stantec.
Kier claims that the smart sockets have cut its job site energy use and carbon emissions by 40%.
The startup plans to use the fresh funding to ramp up R&D and increase its headcount. 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%.”
He added: “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.”
measureable.energy won most Most Innovative New Product (Hardware) at the Building Innovation Awards 2022.
One of the judges for the awards, Rick Hartwig, Built Environment Lead, The Institution of Engineering & Technology (IET), said measurable.energy is “an outstanding product with universal application that is a game changer in energy reduction and can help drive consumer behaviour.”
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