Cardiff-based Sero, an energy tech firm, announced on Thursday, April 21, that it has secured £6M (approximately €6.8M) from Welsh bank Hodge and Legal & General Capital (LGC).
The latest investment follows an initial investment of £5.5M made by both in December 2021, bringing the combined equity stake of the investors to 44 per cent.
Sero says it will utilise the funds to further develop its technology and expand its operations.
James Williams, Chief Executive Officer at Sero, says “I’m delighted that Sero has secured further investment from Hodge and Legal & General Capital, following on from the initial investment secured at Series A in December 2021.”
“The cost-of-living crisis has overlaid further urgency in addressing climate change, energy efficiency, and affordability in some of the poorest performing homes in Europe, leaving us exposed to increasing fossil fuel prices. So, this investment brings with it the opportunity to invest in our technology and increase the scale of delivery in social housing retrofit and collaboration with financial institutions in addressing the funding gap,” adds Williams.
Sero: Decarbonising home at scale
Founded by James Williams and Andrew Sutton, Sero provides an end-to-end solution designed to deliver ‘Net Zero Carbon’ in homes at scale.
At the heart of Sero’s approach is a digital Building Passport that captures the unique nature of each home.
This passport allows the homeowner to plan a stepped ‘Pathway to Zero’ that best suits their preferences while recognising the ongoing decarbonisation of the energy grids.
The result is the UK’s first ‘Comfort-as-a-Service’ home energy solution, providing customers with a combination of home energy optimisation and services that keep their preferred comfort settings while reducing their effort, costs, and carbon footprint.
The UK company works with developers, landlords, and financial institutions to provide a comprehensive solution that covers every stage of the decarbonisation journey.
This includes everything from initial assessments and planning to the installation of energy-efficient technologies and ongoing maintenance and support.
Sero’s combined solutions also support decarbonising existing homes through retrofitting.
Since its launch, the certified B Corporation has extended its reach and is now working with one of the largest housing associations in England to decarbonise 1,000 homes, alongside its work developing and advising on building net-zero homes across Wales.
What the investor has to say?
David Landen, Chief Executive Officer at Hodge, says, “In the 16 months since we made our first investment in Sero we have seen the company go from strength to strength, working with more housing associations in England and also extending its reach to a point where it’s now advising construction companies about how to build more sustainable homes.”
“Its ethos is to reduce carbon emissions of peoples’ homes, as well as supporting new developments to be as carbon efficient as possible, all while helping residents live affordably and sustainably. These values are a perfect fit for Hodge, as our mission is to help our customers in the moments that matter, and the climate and cost of living crisis are just that – pivotal moments which we have to work together to reverse and support one another with,” adds Landen.
