Mixergy raises £9.2m from EDP Ventures and Nesta to fuel international expansion and product development.
The Oxford spinout secured £9.2m from new and existing backers to scale its smart hot water technology.
Share allotment filed at Companies House
Oxford spin-out developing smart hot water cylinders that connect to the power grid and reduce household energy bills.
Oxford-based climate technology startup Mixergy has secured £9.2m in funding to expand its research and development operations and scale internationally. The round attracted participation from new backers EDP Ventures and Nesta alongside returning supporters including Oxford Science Enterprises, Kiko Ventures, Foresight WAE Technology, and Centrica.
Founded out of the University of Oxford, the company produces smart connected hot water cylinders that utilise a patented top-down heating approach to warm only the water required. The fresh capital will be directed towards enhancing the firm's heat storage capabilities and pushing into new European markets starting with Portugal.
The business currently employs a team of 40 people and continues to build out energy management systems designed to integrate seamlessly with heat pumps and solar photovoltaic installations.
From the founder
"Mixergy is launching a new integrated heat pump cylinder in the Spring, which uses our top-down heating technology, with a small heat pump attached to the cylinder. It will heat water 10x faster than conventional integrated heat pump cylinders (usable hot water in under 30 min), and connect to the grid."
Pete Armstrong
CEO and co-founder at Mixergy
Investor perspective
"We’re very excited to be joining Mixergy on their mission to improve energy efficiency at the residential level and support the company’s growth plans. Distributed energy resources and decarbonization are two domains at the heart of what we do here at EDP Ventures, and Mixergy’s technology is fully aligned with both: a smart and connected hot water tank that acts as a home battery, providing faster water heating and harnessing solar power. As such, we look forward to supporting Mixergy in the future, with the roll out of its products across EDP’s markets."
Luís Manuel
Managing Partner, EDP
Use of funds
- 01Fund research and development
- 02Expand into international markets
- 03Continue product development
Investors
Luís Manuel
EDP
Leo Chandler
Nesta
Oxford Science Enterprises
Kiko Ventures
Foresight WAE Technology
Centrica