Mixergy secures £12m from Barclays Climate Ventures to expand smart heating technology.
The funding round will support the company transition to a technology licensing model and expand research capabilities.
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.
Mixergy has secured £12m in a funding round led by Barclays Climate Ventures, with further backing from Oxford Science Enterprises, Kiko Ventures, Nesta, and EDP Ventures. The Oxford spin-out will direct the capital towards expanding its research and development capabilities and transitioning into a technology licensing model aimed at new builds, social housing, and commercial properties.
The company specialises in smart hot water tanks that heat only the required volume of water, thereby lowering household bills and integrating renewable energy sources into the power grid. Founded in 2014 by researchers from Oxford University, Mixergy has previously partnered with British Gas and integrated its technology into the UK government Home Energy Model.
This latest investment brings the firm total funding to $34.8m. The partnership with Barclays aims to scale the deployment of grid-connected hot water solutions across British homes and buildings.
From the founder
"This investment accelerates our ability to develop scalable solutions for our technology partners, helping them navigate the changing global energy landscape. With Barclays’ support, we can bring our technology into more homes and buildings in the UK through a broader range of channels while improving the grid’s capacity to integrate renewable energy. Why pay windfarms to shut down when we can pay households to switch on?"
Pete Armstrong
CEO and co-founder at Mixergy
Investor perspective
"Mixergy is simultaneously addressing two challenges to the UK’s energy transition, improving both grid capacity and building energy efficiency. This is a great example of the truly innovative technologies we are seeking to invest in, and we look forward to supporting Mixergy through this next phase of its growth."
James Ferrier
Director, Barclays Climate Ventures
Use of funds
- 01Fund research and development
