Mixergy has received £9.2 million in funding to support a new R&D centre at its Oxfordshire headquarters, the further development of their home energy and heat storage technology, and international expansion.
Mixergy has a suite of IP around hot water heating, heat pump and home energy management technologies. Their patented top-down approach to heating exploits thermal stratification to only heat what you need. This, in combination of sensing and control capabilities, transforms simple hot water tanks into smart heat batteries, which can connect to any energy source (heat pump, solar PV or gas boiler).
The Energy Savings Trust has verified that Mixergy can reduce gas consumption by as much as 20% whilst reducing costs by 40%. These figures can rise further through their intelligent use of renewable tariffs, which exploit the ever growing surplus of wind and solar energy emerging across power grids throughout the world.
This funding round brings in new investors EDP Ventures and Nesta. In addition to supporting the R&D centre that will develop innovative integrated heat pump technologies, the new funds will be used to being international expansion, starting with Portugal.
EDP Ventures and Nesta are joining Mixergy’s existing shareholders, Oxford Science Enterprises (OSE), Kiko Ventures, Foresight WAE Technology and Centrica.
Peter Armstrong, CEO of Mixergy, said:
We’re thrilled with this investment, and pleased to welcome our new investors, EDP Ventures and Nesta. EDP Ventures is one of the biggest energy providers in southern Europe and their arrival is a catalyst for Mixergy’s expansion across Portugal and Spain, where we see great product market fit alongside solar PV. Nesta brings considerable experience to this sector alongside an emphasis on social impact which complements our drive to address fuel poverty whilst reducing carbon emissions. I would like to thank our existing shareholders, OSE, IPG, Foresight, and Centrica who continue to back our mission, as well as our incredible team at Mixergy who are making this journey happen.
Luís Manuel, Managing Partner at EDP Ventures, said:
We’re very excited to be joining Mixergy on their mission to improve energy efficiency at 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.
Leo Chandler, Investment Manager at Nesta, said:
We are delighted to support the Mixergy team in the next phase of their growth journey. Nesta’s goal is to accelerate the decarbonisation of households and we see Mixergy as an exciting and critical solution that can help deliver this.
