UK start-up behind smart energy hub and green power sharing platform plans to use investment to expand presence into global markets
Smart grid and green energy trading specialist Verv has secured over £6.5m of backing from a group of investors to help expand its presence into global markets, the UK start-up announced today.
Environmental fund Earthworm led the Series A fund raise, investing £5m in Verv in support of its plans to use its blockchain-based renewable energy trading technology to drive down average household electricity bills and carbon emissions by more than 20 per cent.
Other investors announced today include energy giant Centrica, European green innovation backer InnoEnergy, and crowdfunding platform Crowdcube.
Verv conducted the UK's first peer-to-peer trade of energy on blockchain technology last year at one of its pilot sites in Hackney, East London.
It now aims to develop a global network of smart local energy hubs offering customers real-time guidance on their energy use and spend, as well as enabling domestic users to trade renewable energy between communities to cut bills and boost energy efficiency.
Following the investment round Earthworm's head of projects and partnerships, Will Brocklebank, has also now joined the Verv company board.
"At Earthworm we are driven by sustainability and Verv represents a brilliant example of 'enabling' technology," he said. "Its energy metering, analytics and renewable energy trading platform will help millions to reduce energy consumption, to shift their demand to minimise cost and CO2."
Verv's existing customers include British Gas, PTT, and Dubai Electricity & Water Authority, and following the fundraise the company said it would now seek to push into global markets "leveraging its growing footprint in Europe, the Middle East and Asia".
Established in 2015, the company has to date raised more than £10m of investment from equity crowdfunding and firms such as Innogy International Middle East and Scytale Ventures.
Verv CEO and founder, Peter Davies, said he looked forward to the company's new investors helping to accelerate the business' expansion. "We are extremely excited for the next phase of our growth as we help to drive the transition to the decarbonisation of households," he said.