Green Home Energy Startup myenergi Raises $37 Million
Smart home energy technology startup myenergi announced today that it has secured a £30 million (USD$37 million) from energy transition-focused venture capital investor Energy Impact Partners (EIP), with proceeds to be used to support the company’s growth and internationalization.
Founded in 2016, UK-based myenergi manufactures smart home energy devices aimed at enabling users to increase energy independence and utilize self-generated renewable energy. The company’s products include its flagship zappi EV charger, which can use power from the grid, or allows users to charge electric vehicles from home solar PV or wind generation. Additional products include a device that diverts surplus renewable energy to domestic heating systems, an energy monitoring wireless sensor, a smart home battery solution, and a centralized app that provides a control center to connect the devices to manage and monitor home energy.
According to myenergi co-founder Lee Sutton, the investment, which follows £30m debt financing secured earlier this year from HSBC and average annual growth in excess of 125% for the past three years, will allow the company to expand the products and services in its home energy ecosystem, and bring its products to consumers worldwide.
Sutton added:
“The investment will help to deliver our next generation of product development and innovation, including our planned growth in grid services – such as demand side response, allowing us to better support our customers in undertaking their own home energy transition. We will also be investing in service excellence to ensure that our customers benefit from the best frontline support.”
As part of the investment, EIP Europe Managing Partner Nazo Moosa will join the board of myenergi, alongside former Tesco CEO Sir Terry Leahy, and former Dyson COO Peter Richardson.
Moosa said:
“Transportation is responsible for nearly a quarter of the global energy related CO2 and road transport makes up the lion’s share of it. EIP targets the largest sources of greenhouse gas emissions.”
myenergi co-founder Jordan Brompton added:
“As we transition to a net zero future, it’s vital for consumers to be given easy and convenient ways to make the shift away from fossil fuels towards clean, green, renewable energy. We are really excited by the investment from EIP, which will help to bring our eco-smart products into more households, enabling our customers to monitor, manage and maximise their home energy, as well as reducing their emissions, streamlining their energy bills and ultimately empowering them to become more energy independent.”