Startups in the home energy management industry are exploring new technologies to find cost-effective and convenient solutions which help people live more sustainably.
One such startup is the University of Oxford’s spin-off — Mixergy. The startup develops smart connected hot water tanks alongside heating and home energy management systems.
Ropes in £9.2 million
To accelerate its R&D centre in Oxfordshire and international expansion (starting with Portugal), Mixergy announced that it has secured £9.2 million in funding.
The funding came from new investors — Lisbon-based EDP Ventures (also invested in GridBeyond) and Nesta and existing shareholders, Oxford Science Enterprises (OSE), Kiko Ventures, Foresight WAE Technology, and Centrica.
The company plans to use the funds to develop its home energy and heat storage technology.
Sharing inputs with TFN, Pete Armstrong, CEO and co-founder of Mixergy says, “Mixergy is launching a new integrated heat pump cylinder in the Spring, which uses our top-down heating technology, with a small heat pump attached to the cylinder. It will heat water 10x faster than conventional integrated heat pump cylinders (usable hot water in under 30 min), and connect to the grid.”
Mixergy: How did it begin?
In 2014, Pete Armstrong and Ren Kang completed their Ph.D. in the field of intelligent hot water tanks at Oxford University.
They developed a technology that heats water from the top down, enabling users to only heat the water that is needed, resulting in significant energy and cost savings.
Armed with their impressive academic credentials and their passion for sustainability, Pete and Ren launched Mixergy.
Heating up the game
Mixergy is a technology company that is dedicated to revolutionising the hot water tank industry by providing energy-efficient, smart hot water tanks that can help homeowners and businesses save money and reduce their carbon footprint.
The company’s patented top-down approach to heating exploits thermal stratification to only heat what you need. This, in combination with sensing and control capabilities, transforms simple hot water tanks into smart heat batteries, which can connect to any energy source, including heat pumps, solar PV, or gas boilers.
Mixergy claims that its tanks are designed to last over 25 years, which is more than three times the lifespan of a typical battery.
Additionally, all Mixergy systems are equipped with both heat pump and photovoltaic capabilities, ensuring that they can be integrated into any energy system pathway.
By utilising Mixergy tanks, homes can achieve a 95% reduction in CO2 emissions, which is a crucial milestone toward achieving net-zero emissions by 2050.
The Energy Savings Trust has verified that Mixergy can reduce gas consumption by as much as 20% whilst reducing costs by 40%.
Mixergy currently has a team of 40 members. In terms of gender diversity, around 25% identify as female, while around 75% identify as male. When it comes to racial and ethnic diversity, around 10% identify as BIPOC.
Mixergy acknowledges the importance of creating an inclusive and diverse workforce and is committed to achieving this goal.
Peter Armstrong, CEO of Mixergy said, “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 a 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.”
Luís Manuel, Managing Partner at EDP Ventures added, “We’re very excited to be joining Mixergy on their mission to improve energy efficiency at the 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 said “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.”
