Oxford-based Mixergy has raised £9.2 million in a funding round aimed at supporting a new R&D facility. In addition to the continued development of its home energy and heat storage solutions, a portion of the raise will see the company ramp up international expansion efforts beginning with Portugal.
Mixergy’s £9.2 million in new funding welcomes new investors EDP Ventures and Nesta to the cap table and brings the company’s total amount raised to £12.8 million.
Without getting too far into the science behind how and what Mixergy is working on, the company is leveraging the principle of thermal stratification. The easiest way to think about this is to recall the last time you went swimming in a lake during warm months. The deeper you dive, the colder the water gets, and distinct thermal layers are noticeable due in part to changes in densities, keeping the cooler water at the bottom, and warmer water at the top.
Where this applies in Mixergy’s world is in such that they’re working on sensing and control capabilities that convert hot water tanks effectively into smart heat batteries, enabling energy sources including heat pumps, solar photovoltaic systems, and gas boilers that only heat what you need when you need it.
According to Mixergy, their systems will last in excess of 25 years, and over the course of their lifetime will help reduce home CO2 output by 95%.
Mixergy tanks help on a collective level, too, as the first hot water product certified to deliver grid balancing services to the National Grid. By turning on or off when national energy demand misaligns with energy supply, the Mixergy tank can prevent blackouts and assist renewable electricity generation.
“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,” said Mixergy CEO Peter Armstrong. “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.”