London-based tem., an AI-powered energy transactions platform, announced that it has raised £10.5M (approximately €12.45M) in a Series A round of funding.
The investment was led by European venture capital firm Atomico, with participation from existing investors AlbionVC and Revent. The round also saw participation from angel investors, including Holly and Sam Branson and Wise executives Harsh Sinha and Nilan Peiris.
With this round, tem. has raised a total funding of £13M. Atomico Partner Terese Hougaard will join tem.’s board as part of the investment.
Transforming how renewable energy is bought, sold and powered
Founded in 2021 by former Limejump employees Joe McDonald, Jason Stocks, Bartlomiej Szostek and Ross Mackay, tem. aims to democratise renewable energy and accelerate the clean energy transition.
tem.’s platform allows UK businesses to purchase renewable energy at lower costs than fossil fuels. The platform employs a “unique matching algorithm” to make energy transactions more affordable, intelligent, and fully traceable for businesses and renewable generators across the UK.
tem.’s growth aligns with the urgent global push to meet 2050 climate targets, as surging oil and gas prices drive the need for alternatives. The company’s AI-driven platform directly connects businesses with renewable energy generators, processing 1.8 billion matches per second.
By bypassing the wholesale market, tem. claims to help businesses save up to 25 per cent on energy bills while providing 100 per cent traceable, renewable energy.
Joe McDonald, tem. CEO and co-founder says, “Small and medium-sized businesses are critical in tackling climate change, and are desperate for energy they can trust after seeing their bills soar by 124 per cent during the recent energy crisis.”
“We built tem. so that any UK business can get affordable energy while powering the clean energy transition from their doorstep.”
The investment comes amid the UK’s expansion of renewable energy, with renewables accounting for 40 per cent of the electricity mix in 2023, up from 11 per cent in 2014 and 2.8 per cent in 2000. By Q1 2024, renewables made up 50.9 per cent of total generation.
tem. claims that it is positioned to capitalise on this growth, connecting businesses directly with over 22,000 renewable energy generators, ranging from large wind farms to small family-owned solar parks and local hydropower weirs.
Brief about the lead investor
Founded in 2006, Atomico invests in “ambitious” tech founders across Europe from Seed to IPO, leveraging its operational expertise to accelerate growth. Currently, the firm manages $5B in assets.
The firm has partnered with over 100 teams – including Klarna, Supercell, and MessageBird among others, and has experience in global expansion with companies like Skype, Google and Uber.
Speaking about the investment in tem., Atomico partner, Terese Hougaard, says, “tem. has not only seen impressive growth to date; the future potential is massive with $1T in direct renewable energy transactions to unlock globally. With their deep energy experience and expertise from Limejump and Shell, nobody is better placed than Joe, Jason, Ross and Bartek to seize this opportunity.”
Earlier this week, on September 9, the London-based venture capital firm secured $1.24B (approximately €1.12B), marking its largest-ever fundraising to date.
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