Mixergy raises £3.6m in Series A funding to expand smart hot water tank technology
The financing round was led by Foresight Williams Technology to support product rollout and grid balancing services.
Oxford spin-out developing smart hot water cylinders that connect to the power grid and reduce household energy bills.
Oxford-based cleantech firm Mixergy has raised £3.6m in a Series A funding round to accelerate the rollout of its smart hot water tanks. The investment was led by Foresight Williams Technology, with participation from Oxford Sciences Innovation, IP Group and Centrica Innovations.
The capital will be deployed to support a national rollout of the company systems with British Gas and to expand commercial demand response services for the National Grid. The technology aims to help decarbonize households, lower energy bills and prevent future network blackouts through machine learning and connected hardware.
From the founder
"This round comes at an exciting time in markets across the UK, Western Europe and North America. With recent pledges to transition from natural gas in new build properties by 2025 across Europe along with unprecedented volatility in the UK’s electricity balancing market, Mixergy is well positioned to accelerate the low carbon transition through relationships with low cost manufacturing supply chains that cater to a global market."
Peter Armstrong
CEO at Mixergy
Investor perspective
"We are very impressed with Mixergy’s vision of developing a better hot water tank which saves customers energy whilst also facilitating the uptake of intermittent renewable generation."
Chris Wiles
Investment Director, Foresight
Use of funds
- 01Expand into international markets
- 02Build out infrastructure
Investors
Foresight Williams Technology
Martin Fiennes
Oxford Sciences Innovation
IP Group
Centrica Innovations