Renewable energy startup, tem, has raised £2.5m in seed funding, led by AlbionVC.
Tem is addressing one of the most pressing needs of energy generators and buyers – automatically matching supply with demand.
Its AI-driven platform identifies the best possible matches between businesses and renewable energy generators.
It then fully manages the end-to-end transaction between all parties directly rather than going through traditional markets.
The funding will be used to expand the tem team, develop the product and open up the currently oversubscribed platform to many more customers in 2023.
CEO Joe McDonald said: “We’re thrilled to have secured this investment from such well-regarded investors, which will allow us to expand our team, accelerate the development of our technology and bring it to even more customers throughout 2023.
“With their support, we’re looking to make a significant, sustainable impact on the energy markets and build a platform for renewable commodity transactions globally, replacing the outdated energy trading companies and helping our customers to reduce their carbon footprint while saving money on their energy bills.”
Adam Chirkowski, investment director at AlbionVC, added: “Similar to when FinTechs overhauled an industry that was crying out for modernisation, tem has the opportunity to disrupt one of the largest global markets and ensure renewable generation does not fall into the same antiquated energy system as fossil fuel driven transactions.
“We’re excited to be backing tem. and the team who possess a rare combination of skills and experience with the potential to revolutionise the energy markets. We’re excited to support them on the journey as they continue to scale.”
Tem’s technology allows businesses to bypass inefficient energy market transactions and purchase energy directly from renewable generators by reimagining the entire transaction process,
Since launching in October 2022, tem has transacted £10m+ in energy transactions in the UK alone and is set to scale to 100 GW of annualised renewables contracted.