- Mixergy announced it has raised £9.2 million.
Mixergy – a company that develops smart and connected hot water technologies – announced it has raised £9.2 million to support a new R&D center at our Oxfordshire headquarters to further develop their home energy and heat storage technology, and international expansion. This funding round will help accelerate the company’s mission to cut heating bills, decarbonize homes, and provide more flexibility to the grid.
Mixergy has a suite of intellectual property regarding hot water heating, heat pump and home energy management technologies using a top-down approach to heating that exploits thermal stratification to only heat what you need. And with a combination of sensing and control capabilities, the company transforms simple hot water tanks into smart heat batteries – which could connect to any energy source (heat pump, solar PV, or gas/oil boiler).
With each system lasting over 25 years – which is greater than 3x the lifetime of a battery – and all systems heat pump and PV ready, whatever pathway our energy system takes, Mixergy tanks will help deliver the 95% reduction in CO2 in our homes, a critical step to achieving net zero by 2050.
The Energy Savings Trust verified that Mixergy can reduce gas consumption by as much as 20% whilst reducing costs by 40%. And these figures can rise further through the intelligent use of renewable tariffs, which exploit the growing surplus of wind and solar energy emerging across power grids throughout the world.
Along with reducing energy consumption, Mixergy’s top-down heating also heats usable hot water up to 10x faster than a conventional system with the Mixergy app or simple gauge offering homeowners total control of their water heating.
This funding round features EDP Ventures and Nesta as new investors. Along with supporting the R&D center that will develop innovative integrated heat pump technologies, the new funds will be used to bring international expansion, starting with Portugal.
EDP Ventures and Nesta are joining Mixergy’s existing shareholders Oxford Science Enterprises (OSE), Kiko Ventures, Foresight WAE Technology, and Centrica, who continue to back Mixergy as a market leader in home energy and heat storage technology.
KEY QUOTES:
“We’re thrilled with this investment and pleased to welcome our new investors, EDP Ventures and Nesta. EDP Ventures is one of the biggest energy providers in southern Europe and their arrival is a catalyst for Mixergy’s expansion across Portugal and Spain, where we see great product market fit alongside solar PV. Nesta brings considerable experience to this sector alongside an emphasis on social impact which complements our drive to address fuel poverty whilst reducing carbon emissions. I would like to thank our existing shareholders, OSE, IPG, Foresight, and Centrica who continue to back our mission, as well as our incredible team at Mixergy who are making this journey happen.”
— Peter Armstrong, CEO of Mixergy
“We’re very excited to be joining Mixergy on their mission to improve energy efficiency at residential level and support the company’s growth plans. Distributed energy resources and decarbonization are two domains at the heart of what we do here at EDP Ventures, and Mixergy’s technology is fully aligned with both: a smart and connected hot water tank that acts as a home battery, providing faster water heating and harnessing solar power. As such, we look forward to supporting Mixergy in the future, with the rollout of its products across EDP’s markets.”
— Luís Manuel, Managing Partner at EDP Ventures
“We are delighted to support the Mixergy team in the next phase of their growth journey. Nesta’s goal is to accelerate the decarbonization of households and we see Mixergy as an exciting and critical solution that can help deliver this.”
— Leo Chandler, Investment Manager at Nesta
