A smart energy startup based in Manchester has secured investment totalling £5.5 million.
Upside Energy received the financial support to grow its team and speed up commercialisation and deployment of its cloud-based smart grid platform.
Its platform aggregates the energy stored in everyday connected devices, such as batteries and hot water tanks, to create a virtual energy store that can be drawn on when needed.
The company’s first customer is National Grid, which will use the technology to better balance electricity supply and demand from renewable sources.
Businesses and homes can also save on their energy costs or earn revenue if they avoid using electricity during peak times.
Devrim Celal, CEO of Upside Energy said: “We’re trying to bring flexibility to demand side and the way we do that is, we look at assets that businesses and homes already own, electrical devices that store some form of energy… and we connect to those devices using Internet of Things protocols. At the right times, we can switch them on or off extremely quickly.
“That ability to suddenly take load off the grid or put it back on gives us a unique position and that’s a very valuable service for a grid operator because we help them balance supply and demand of electricity.”
The company received the backing from a group of investors led by Legal & General Capital and SYSTEMIQ.