Mixergy, a spin-out from the University of Oxford, is rethinking home heating, making it more efficient, sustainable and cost-effective. The GreenTech startup has now secured about €8.5 million to expand.
Moving towards net zero requires a radical rethink of how we approach energy. It involves a re-imagination of how we source energy and how we use it. As a result, more and more homes across Europe are turning to renewable energy sources and smart energy systems, enabling them to have better oversight of their energy usage – reducing their carbon footprint and cutting costs at the same time.
Mixergy, a startup based in Oxford, has developed a home heating solution that claims to reduce water heating bills by up to 40% and reduce gas consumption by up to 21%. These are impactful reductions and have strong potential to help reach net zero targets by 2050.
The spin-out has now secured €8.5 million in fresh investment to scale and further develop the tech. The funding brings in new investors EDP Ventures and Nesta. They join existing backers Oxford Science Enterprises (OSE), Kiko Ventures, Foresight WAE Technology and Centrica.
Peter Armstrong, CEO of Mixergy: “We’re thrilled with this investment, and pleased to welcome our new investors, EDP Ventures and Nesta. 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. 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. I would like to thank our existing shareholders, OSE, IPG, Foresight, and Centrica who continue to back our mission, as well as our incredible team at Mixergy who are making this journey happen.”
Mixergy develops smart and connected hot water tanks alongside heating and home energy management systems. Together, the solutions enable households to live better, save money, and reduce their impact on the environment.
The innovative startup takes a top-down approach to heating uses thermal stratification to only heat what is needed. This, in combination with sensing and control capabilities, transforms simple hot water tanks into smart heat batteries which can connect to any energy source- whether it be a solar PV, gas boiler or alternative.
Each system is reported to last over 25 years, which is 3x the lifetime of a battery, and is adaptable to different energy sources. This means that whether solar energy or something else becomes the predominant source in the future, Mixergy’s solution will still be in demand. It certainly seems to be in a strong position to contribute the carbon reductions needed for the long term, to help us reach net zero and a more sustainable energy outlook.
The Energy Savings Trust has verified that Mixergy can reduce gas consumption by as much as 20% whilst reducing costs by 40%. It’s further stated that these figures can rise through using their renewable tariffs, which exploit the ever-growing surplus of wind and solar energy emerging across power grids throughout the world.
Aside from the energy-saving and cost-cutting impact, the solution also heats water up to 110x faster than conventional systems. And, with the app, homeowners have easy control over their water heating.
With this new funding, the startup plans to expand internationally, beginning with Portugal and then Spain – two markets where solar is soaring in popularity.
Luís Manuel, Managing Partner at EDP Ventures: “We’re very excited to be joining Mixergy on their mission to improve energy efficiency at residential level and support the company’s growth plans. Distributed energy resources and decarbonization are two domains at the heart of what we do here at EDP Ventures, and Mixergy’s technology is fully aligned with both: a smart and connected hot water tank that acts as a home battery, providing faster water heating and harnessing solar power. As such, we look forward to supporting Mixergy in the future, with the roll out of its products across EDP’s markets.”
Leo Chandler, Investment Manager at Nesta: “We are delighted to support the Mixergy team in the next phase of their growth journey. Nesta’s goal is to accelerate the decarbonisation of households and we see Mixergy as an exciting and critical solution that can help deliver this.”