UK smart energy meter start-up Onzo has announced that it has secured £ million in funding from energy company Scottish and Southern (SSE) and investment firm Sigma Capital Group, and has pledged to begin production of its energy display units by quarter four.
Under the deal, SSE and Sigma are to invest £1 million each in the company to fund the final phase of the development process. SSE has also placed initial orders worth more than £7 million for Onzo’s energy display products and data services and has secured exclusive rights to provide the technology to its customers in the UK and Ireland.
Onzo’s technology provides users with a display unit featuring real time information on their energy use as well as detailed long term energy use data.
Onzo has also signed an agreement with research organisation Sentec to incorporate Sentec’s appliance identification software, Coracle, into its products and services. The two companies have agreed to work together on the development of Coracle and are also cooperating on business development opportunities for the solution.
Coracle takes data on whole house usage and disaggregates it into use by different appliances. Consumers can then see what is driving their energy use without the need to monitor every single appliance.