Tech & Trends
Energy management firm Equiwatt powers on with £300,000 backing
September 4, 2023
An energy management firm is creating jobs after securing £300,000 investment.
Equiwatt wants four staff to bolster the roll-out of a power-saving app.
The technology alerts bill payers to energy saving events wherein apparatus – from white goods to electric vehicle chargers – can be turned off to ease National Grid peak demand.
And the company has now been backed by the North East Venture Fund, which is supported by the European Regional Development Fund and managed by Mercia Ventures, to further strengthen its offer.
Dr Johnson Fernandes, the firm’s chief executive, said: “This latest round of funding will further assist with our scale-up plans to secure more users of the app, through direct and partnership sign-ups.
“It will also help us continue to enhance our technology platform to support the creation of a network of connected users to form a virtual power plant.
“This will help the National Grid make the most of the ever-growing household smart meter network and accelerate the transition to a sustainable and secure energy network.”
The funding marks the third round of backing by the North East Venture Fund and Mercia, which first invested in the company at its 2020 inception, and brings the total raised by the energy management firm to more than £2 million.
Chris McCourt, from Mercia, added: “Equiwatt’s easy-to-use app has won strong support from within the industry.
“This latest round will help expand its user base and continue its growth journey.”