A cleantech company in the UK has raised £3.6 million to accelerate the development of its technology that is expected to help reduce home water heating costs and energy.
The new phase of investment from Foresight Williams Technology, Oxford Sciences Innovation, IP Group and Centrica Innovations will support Mixergy’s smart hot water tanks that uses machine learning which the company says can help save up to 20% on hot water bills.
The Oxford University spin-out company claims the technology can also provide up to 30% more usable hot water and deliver hot water up to five times faster.
It has achieved a “market first” in being the first hot water product certified to deliver grid balancing services to National Grid.
The funding will support the rollout of the hot water tanks with British Gas, serving customers who seek smart technology and expanding commercial demand response services.
Peter Armstrong, CEO at Mixergy, said: “This round comes at an exciting time in markets across the UK, Western Europe and North America. With recent pledges to transition from natural gas in new build properties by 2025 across Europe along with unprecedented volatility in the UK’s electricity balancing market, Mixergy is well positioned to accelerate the low carbon transition through relationships with low cost manufacturing supply chains that cater to a global market.”