Mixergy, an Oxford University cleantech spin-out company, has raised £3.6m in Series A financing to fuel its next stage of growth in developing innovative and efficient hot water tanks to help decarbonise households and reduce consumer energy usage.
According to the company, their tanks can save up to 20% on hot water bills, provide up to 30% more usable hot water, and deliver hot water up to five times faster.
Peter Armstrong, CEO at Mixergy, commented on the news: “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.”
This new phase has received investment from Foresight Williams Technology, Oxford Sciences Innovation, IP Group and Centrica Innovations.
Matthew Burke, Head of Technology Ventures at Williams Advanced Engineering, added: “We are delighted to support Mixergy’s growth plans with this investment.
“Energy-efficient performance is at the heart of what we do at Williams Advanced Engineering and Mixergy’s smart hot water tank technology is a great example; heating up faster while using less energy, improving efficiency and reducing cost to the customer; all whilst benefiting the environment.”
The funding will support the national roll out of Mixergy tanks with British Gas, serving customers who seek smart clean technology and expanding commercial demand response services which Mixergy has started delivering to the National Grid to help prevent future blackouts.
Chris Wiles, Senior Investment Manager at Foresight Group, interjected: “We are very impressed with Mixergy’s vision of developing a better hot water tank which saves customers energy while also facilitating the uptake of intermittent renewable generation.
“We look forward to supporting Mixergy in the coming years with the roll out of its products across the UK, Europe and North America.”
The Mixergy tank reduces energy consumption and emissions by only heating the water needed by the user, differentiating it from peers that heat using an all-or-nothing approach.
Mixergy utilises machine learning, enterprise data dashboards and an app interface to provide an enhanced customer experience.
The company has also achieved a market-first in being the first hot water product certified to deliver grid balancing services to the National Grid.
Through turning on/off when national energy demand misaligns with energy supply, the Mixergy tank can reduce network strain and make more effective use of renewable electricity generation.
This has been achieved through developments in sensing and control along with a software platform, which is capable of optimising household heating schedules across a national network of smart connected hot water tanks, the ‘Internet of Tanks’.