British multinational utility company Centrica is investing £200,000 in cloud-based energy management software startup Grid Edge.According to Energy Digital, Grid Edge "created its software during three years of development, using artificial intelligence (AI) to forecast business energy requirements in order to optimise the energy consumption of buildings."
The startup claims that its software is able to help reduce energy use by up to 25%.
“This investment is a game-changer for us. We can now focus on accelerating our product development and establishing a real footprint in the commercial market. Our ambition is to be in more than 500 large-scale buildings within five years,” said Grid Edge CEO Tom Anderson.
“Ignite is the perfect partner for us and we have a shared vision for the future of this venture. In addition to the financial support, the expertise and industry insight provided by the Ignite team is already proving invaluable.”
Centrica Ignite fund
Centrica's investment in Grid Edge was made through the utility company's Ignite investment fund. Grid Edge is reported to be the 25th firm to be supported by the Ignite since its inception in 2014, providing both investment and expertise to clean and renewable energy startups.
“We believe Grid Edge is a fantastic example of an enterprise that could truly benefit society, which is the key reason why we’re backing the team,” said Sam Salisbury, Ignite’s Investment Principal.
“The technology could have huge potential for the commercial and public sector and we’re particularly excited about the opportunity it offers housing associations and local authorities; helping them to cut carbon emissions, reach energy efficiency targets and create warmer, healthier places for tenants to live.” [Centrica named to Crown’s demand side response framework]