A collection of investors, led by Clean Growth Fund, have invested £4.5m of series A funding into Measurable.Energy.
Measurable.Energy is a UK start-up that designs and manufactures smart, machine-learning enabled power sockets which reduce the energy and emissions of commercial buildings by more than 20%.
Clean Growth Fund has invested £2.5m in the business, alongside a suite of other investors including Vectr7 Investment Partners, RO Capital Partners and MMC Ventures.
They join existing investor Bonheur ASA, the Norwegian-listed holding company for the Fred Olsen family.
Founded in 2018, Measurable.Energy’s solution is designed to eliminate “small power” waste – energy that is not required by devices which are plugged in or directly wired. Items such as printers, AV equipment, chilled/hot water taps, monitors and heaters are often left on or in standby mode overnight or when an office is not in use. According to Measurable.Energy’s analysis, up to 40% of total electricity usage in most commercial office buildings can be attributed to this type of energy use.
The firm has estimated that a building using 5,000 of its smart power sockets could cut around £115,000 from its annual energy bill, while also avoiding 95 tonnes of greenhouse gas emissions per year. It expects to remove more than 1m tonnes of CO₂ from the global built environment over the next 10 years through the use of its technology – the equivalent of taking 130,000 cars off the road for one year.
Measurable.Energy’s sockets automatically identify a device that is plugged in, monitors the device’s energy use, reports granular real-time data and can automatically turn the device off and on to avoid wasted energy.
The socket has a lighting system to indicate the carbon intensity of the electricity grid: from red for mostly fossil fuels to green for mostly renewables. This helps to drive behavioural change as people can choose themselves, or request the Measurable.Energy system, to wait for a greener energy supply.
Kier Group, University of Reading, Stantec and Reading Borough Council are already using the sockets.
Dan Williams, chief and co-founder of Measurable.Energy, said: “Our technology offers a simple solution for office occupiers who are under pressure to take action and cut energy costs and reduce emissions. Our solution can pay back financially within two years and allows business customers to reduce their electricity bills by at least 20%.
“With the welcome support of our new investors, we are in a stronger position to accelerate our commercial sales in the UK and global markets, as well as plan our entry into the residential market.”
Mary Criebardis Singh, founder and managing partner at Vectr7 Investment Partners, said: “Measurable.Energy’s purpose is to deliver profound social and environmental change. Their unique solution eliminates wasted energy in buildings, which will enable the real estate industry to reduce emissions and accelerate towards net zero. With elevated energy prices, their platform tackles fuel poverty and helps small businesses and households as they manage their energy costs. Overall, this aligns perfectly with our thesis for high impact. The founders’ backgrounds are a perfect combination of machine learning, technology and sustainability and we are excited to partner with them on their journey.”
Edward Rowlandson, group managing director at RO Capital Partners, said: “We own a diversified portfolio of commercial properties, and as a landlord Measurable.Energy’s solution was immediately attractive to us. We are all facing alarmingly high costs of energy, and second, we are acutely aware of the need to reduce energy use from an environmental perspective. Measurable.Energy’s solution is a step in the right direction on both of these fronts. Given these twin factors we are very excited about the prospects for the business and look forward to working with Dan and his team, to both use and help market the product more widely.”
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