Equiwatt secures £300k in seed funding led by Mercia to support its energy management platform
The seed round was led by Mercia with participation from angel investor Owen McFarlane.
Equiwatt provides a mobile application that rewards households for reducing energy consumption during peak periods. The platform enables users to coordinate appliance shut-downs collectively to lower demand and carbon emissions.
Equiwatt has secured over £300k in seed funding led by Mercia alongside angel investor Owen McFarlane. The capital will support the company in running trials across the Gateshead area and creating new jobs.
Based in Gateshead, the startup has built an application designed to help households decrease their collective energy usage during peak times. The fresh capital will enable the business to expand its user base and advance discussions with major energy providers.
Williams Ali Corporate Finance advised Equiwatt on the transaction. The funding follows earlier developmental backing from various accelerator and innovation bodies.
From the founder
"I have a big passion for renewable and clean energy, and having grown up experiencing regular blackouts through the collective peak time usage of energy, I wanted to do something about it. I wanted to create a cleaner way of using energy for everyone, which is also more affordable, and build a community to be able to achieve that,"
Johnson Fernandes
Founder at Equiwatt
Investor perspective
"Industrial users already receive rewards to reduce their power use at peak times and Equiwatt’s app will for the first time allow households and SMEs to do the same. The funding will enable the business to roll it out to 1,000 homes to prove its effectiveness and unlock deals with energy companies."
Jan Oosthuizen
Mercia
Use of funds
- 01Grow the team
