Mixergy, the British cleantech developing residential smart hot water tanks, has raised £3.6 million in Series A round from Foresight Williams Technology, Oxford Sciences Innovation, IP Group and Centrica Innovations. The startup will use the funding to expand its business, with the aim to decarbonise households and reduce consumer energy usage.
Powered by cutting-edge machine learning and engineering, Mixergy tanks heat only the water needed by the user. This approach can save residents up to 20 percent on hot water bills, provide up to 30 percent more usable hot water, and deliver hot water up to five times faster.
Founded in 2014, Mixergy is a spin-out from the University of Oxford’s Energy and Power Group. The business has partnered with British Gas, the UK’s largest heating services contractor, to launch and roll out to households across the region.
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. This is possible through sensors and a software program, which can optimise household heating schedules across a national network of smart hot water tanks, dubbed the “Internet of Tanks.”
Chris Wiles of Foresight Group cited this dual impact when he commented on the round: “We are very impressed with Mixergy’s vision of developing a better hot water tank which saves customers energy whilst also facilitating the uptake of intermittent renewable generation. We look forward to supporting Mixergy in the coming years with the roll out of its products across the UK, Europe, and North America.”
Indeed, the startup is planning for a global impact and believes the timing is right. Mixergy CEO Peter Armstrong said: “This round comes at an exciting time in markets across the UK, Western Europe and North America. With recent pledges to transition from natural gas in new build properties by 2025 across Europe, along with unprecedented volatility in the UK’s electricity balancing market, Mixergy is well positioned to accelerate the low carbon transition through relationships with low cost manufacturing supply chains that cater to a global market.”