An energy buying platform for businesses has been awarded £3 million to further develop its online trading hub.
Open Energy Market, winner of the Consultant of Tomorrow award at The Energy Live Consultancy Awards (TELCA) last year, aims to streamline the broker process for medium and large firms, helping them manage their energy contracts online.
Statistics from Ofgem suggest corporate energy market contracts total £20 billion per year, of which 85% are bought using an energy broker.
The hub seeks to automate energy trading while helping customers capture and store the data that makes reporting, forecasting and managing portfolios easier.
Founder and Chief Executive Chris Maclean said: “The market was crying out for innovation that could help large businesses better manage the confusing, convoluted and inefficient processes associated with energy procurement.
“Our platform uses technical automation to cut through the complex market processes, alleviating many of the pain points that energy buyers face and ensuring their route to market is as efficient and as informative as possible.”
The funding has been provided by Calculus Capital.