Equiwatt’s app enables users to turn off appliances simultaneously as a community, leading to reductions in collective demand and creating energy efficiency, with the business having received £300,000 through a funding round involving the Mercia-managed North East Venture Fund and North East angel investor Owen McFarlane.
Equiwatt will use the funding to run trials in the Gateshead area and create four new jobs.
Founder Johnson Fernandes said: “I have a big passion for renewable and clean energy and having grown up experiencing regular blackouts through the collective peak time usage of energy, I wanted to do something about it.
“Through using the Equiwatt app, which builds further on the many smart devices so many people are using to help them be more energy efficient, our users can achieve big savings through switching off devices collectively at peak times, and also secure rewards and incentives for doing so.
“Building this community further is the next step for the business and our ability to scale up, and this investment will support us in being able to achieve that. Our technology is proven and the more we can grow our community, the more we can collectively be cleaner and more efficient in our energy usage.”
Williams Ali Corporate Finance supported Equiwatt in securing the investment.
Partner Phil Williams said: “Equiwatt undoubtedly has the potential to make a huge contribution to the UK domestic energy market by providing the means to reduce peak time energy usage, and Johnson and his team have the commitment and genuine passion to make that happen.”
Richard Butts at Ward Hadaway acted for Equiwatt in securing the investment, Oliver Rickett at Womble Bond Dickinson advised Mercia, and Philip Clare at Muckle acted for Owen McFarlane.
The North East Venture Fund is supported by the European Regional Development Fund.
Article Source: Insider Media