The company intends to use the capital to expand its business in the UK and overseas.
Led by David Stevenson, CEO, Open Energi provides the Open Dynamic Demand™, an energy demand management solution that reacts instantaneously to changes in the balance between supply and demand on the electricity grid and contributes to keeping the grid in balance.
Open Dynamic Demand™ works with stored energy devices including refrigerators, heating and ventilation systems, air conditioning units, water heaters and industrial processes. It can also be installed in an electrical appliance at the point of production in partnership with appliance manufacturers.
The company has partnered with Sainsbury’s and Defra.