equiwatt, a Gateshead, UK-based energy management company whose app helps consumers save money by switching off appliances at peak times, raised an additional £300k in funding.
The funding has been secured from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia Ventures.
The company intends to use the funds to scale up plans to secure more users of the app, through direct and partnership sign ups, and to continue to enhance its technology platform to support the creation of a network of connected users to form a virtual power plant.
Launched in 2020 by Dr Johnson Fernandes, equiwatt is a clean-tech startup that brings residential demand side response to householders in the UK. Its mobile app connects to smart meters and smart plugs, alerting consumers to reduce the energy used by appliances and EV charging during periods of peak demand. By establishing a collective community of users engaged in energy reduction at the same time, equiwatt is helping restore balance in the national energy supply.
In September 2022, equiwatt was accepted on the government-backed Tech Nation Net Zero 3.0 programme as a company whose innovative technology is tackling the UK’s net zero goals.
In December 2022, the company received R&D funding from the Dept of Energy Security and Net Zero Energy Entrepreneur’s Fund as a leading energy management innovator.
equiwatt currently employs nine staff and has thousands of households registered on its platform who collectively save energy and earn points to redeem as shopping vouchers or charity donations.
FinSMEs
23/08/2023