SOME bright sparks are celebrating as their high-tech power sockets have attracted a significant investment to help it grow.
measurable.energy is an award-winning start-up technology firm that designs and manufactures smart, machine learning-enabled power sockets that can reduce the energy costs of commercial buildings by more than 20%.
Customers include Kier Group, University of Reading, and Reading Borough Council.
Formed in 2018, the company aims to help reduce small power waste – energy not required by devices that are plugged in or directly wired, such as printers, AV equipment, chilled/hot water taps, monitors, and heaters, which are often left fully on or in standby mode overnight.
According to measurable.energy’s analysis, up to 40% of total electricity usage in most commercial office buildings can be attributed to this type of use.
The sockets automatically identify a device that is plugged in, monitor the device’s energy use, report granular real-time data, and can automatically turn the device off and on to avoid wasted energy.
To help measurable.energy expand, it has received a share of a £4.5million investment round from RO Capital Partners (“ROCP”), alongside Clean Growth Fund, Vectr7 Investment Partners LLP, and MMC Ventures as part of a £4.5m Series A funding round.
They join existing investor Bonheur ASA, the Norwegian-listed holding company with interests in renewable energy and shipping.
Edward Rowlandson, Group Managing Director, the RO, said: “As a landlordm measurable.energy’s solution was immediately attractive to us.
Initially as an early customer of the business we are now delighted to have invested in measurable.energy, for two important reasons.
“Firstly, we are all facing alarmingly high costs of energy, and secondly we are acutely aware of the need to reduce energy use from an environmental perspective. measurable.energy’s solution is a step in the right direction on both of these fronts.”
Dan Williams, CEO and co-founder of measurable.energy, said the company offered a simple solution for office occupiers who want to 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 said.
“With the welcome support of our 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.”
