innogy and Verv sign disruptive £500k deal for smart energy hub

innogy International Middle East aims to support the United Arab Emirates in becoming smarter

Pathway to COP26 report

innogy International Middle East (IME) has invested £500,000 in the creators of an artificial intelligence and blockchain-based smart home hub.

The deal with UK-based startup Verv aims to support the United Arab Emirates’ (UAE) vision to take a leading role in smart cities and cutting-edge energy technologies.

Verv uses machine learning and blockchain to power its Internet of Things hub, which can work out the electricity-consumption and cost of key domestic appliances in real-time.

As well as enabling peer-to-peer trading of renewable energy between neighbours, Verv’s technology can process data up to five million times faster than a smart meter and identify if white goods such as washing machines and tumble driers are deteriorating and costing more energy.

The investment will help Verv make its hub compatible with a wider range of buildings and target a number of strategic partners to help with expansion.

Peter Davies, CEO and Founder of Verv, says: “With a real appetite for disruptive technology, innogy IME is driving smart living innovation in the UAE and it’s an honour to be working with such a progressive company.

“innogy’s vision of smarter, greener living is very much aligned with our own, as we look to pioneer an energy transformation.”

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