The company claims its technology, which offers a real-time breakdown of appliances’ energy use and spend as well as enables the trading of renewable energy, can help reduce household electricity bills and carbon emissions by more than 20%.
Verv intends to scale up its peer-to-peer energy trading pilots and take the technology to new markets ready for commercial application as well as expand its internal home control system for the next generation of smart energy management technologies.
Peter Davies, CEO & Founder of Verv said: “It’s vital to have investors that not only understand your vision and mission but share your passion to deliver it. As our lead investor, Earthworm have huge expertise in the energy industry, as well as a strong foundation and network to help move us from start-up to scale-up.
“We couldn’t be more pleased to have them join our network of valued investors to help accelerate our traction. We are extremely excited for the next phase of our growth as we help to drive the transition to the decarbonisation of households.”