Upside Energy, a London, UK-based virtual energy store, secured £545k in seed funding.
The company intends to use the funds to expand operations, build out the senior management team and run a large scale pilot with National Grid.
Backers included high-net-worth angel investors from ClearlySo, as well as industry leaders such as Ian Marchant, former CEO SSE, and Chris Joly from Vitol, who has joined Upside Energy as a non-executive director to represent investors.
Founded in 2013 and led by Graham Oakes, CEO, Upside Energy operates a Virtual Energy Store™ by aggregating unused energy from devices owned by households and small business sites that inherently store energy, to sell balancing services to grid operators which helps reduce the need to turn on the polluting and expensive power stations during peak demand times.
Prior to this seed funding, the company had received grants from Nesta, EU Climate KIC, Department for Energy and Climate Change and Innovate UK totalling £810k.