Equiwatt, a UK-based energy management app, has secured £700K in funding to strengthen its platform that rewards users for reducing energy consumption during peak times. This investment, facilitated by the North East Venture Fund and backed by the European Regional Development Fund, aims to support the transition to clean energy. With plans for launching a SaaS platform for utility companies, equiwatt is poised for rapid growth, targeting a Series A investment next year. Its initiatives encourage consumers to lower grid demand and engage in eco-friendly practices, contributing to energy sustainability in the UK.
Dr Johnson Fernandes, CEO of equiwatt, stated, "Managing domestic energy demand will be crucial to reducing the UK's reliance on fossil fuel power stations and making the transition to clean energy. This reflects our core mission to integrate innovative technology with sustainable energy practices."
The funding from the North East Venture Fund will allow equiwatt to enhance its SaaS platform, further solidifying its role in the energy reduction landscape and preparing for future growth.
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