UK startup equiwatt raises €810K to expand its clean energy rewards platform

equiwatt is a UK-based company that offers an energy management app that rewards consumers for turning off appliances during peak times.

The company has secured an additional £700K (approximately €810K) in funding from the North East Venture Fund, which is backed by the European Regional Development Fund and managed by Mercia Ventures, along with contributions from private investors.

The North East Fund is a suite of five venture capital and loan funds that was established in April 2018 to invest £130M in around 600 North East businesses in the period to December 2023. 

The fund managers provide business development advice and investment finance to small and medium-sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland, and County Durham. 

Dr Johnson Fernandes, founder and CEO of equiwatt, says, “Managing domestic energy demand will be crucial to reducing the UK’s reliance on fossil fuel power stations and making the transition to clean energy. We believe equiwatt can play a key role in that.”

The recent funding will allow the company to launch a new SaaS (Software as a Service) platform designed for utility companies and manufacturers of low-carbon technologies.

This will also support its rapid growth as it prepares for a planned Series A investment round in the coming year.

equiwatt: Climate technology company

Founded by Dr Johnson Fernandes, equiwatt’s free consumer app can be used by anyone with a smart meter, or with devices such as heat pumps, batteries, and electric vehicle chargers that incorporate its technology.

It allows householders to take part in schemes designed to reduce pressure on the grid and earn points redeemable for gift vouchers or charity donations in return for switching off during peak periods.

The government wants to encourage greater participation in such schemes and is urging energy suppliers to ensure all their customers have the chance to take part.

The company’s new powerResponse platform provides the technology to enable them to do so and has already been adopted by a major UK energy supplier. It can also be used by device manufacturers, housing associations or retail loyalty schemes to roll out to their customers.

“Our app has proved very popular with consumers who appreciate the chance to earn rewards.  Our new powerResponse platform enables energy suppliers and other businesses to give their customers a chance to participate. This investment will support the roll-out of the platform and our vision to make clean energy affordable and accessible for all,” adds Fernandes.