Cleantech start-up secures funding in drive to reduce carbon impact of buildings

cleantech

Birmingham-based cleantech start-up Grid Edge has closed a new £2 million funding round with participation from BP Ventures, Goldacre (part of the Noé Group) and Aston University.

This latest injection will accelerate the company’s mission to reduce the carbon footprint of the built environment, highlighted by Grid Edge’s partnerships with major British property development and investment company Hammerson PLC and the Royal Opera House, which utilises predictive AI technology to reduce overall energy consumption and save money in the long run. Grid Edge also unlocks flexibility in commercial buildings to advance to a green electric future, as seen with its partnership with Smartest Energy and Marubeni.

The additional funding recognises the value and growth that Grid Edge has continued to deliver despite the significant impact of the pandemic on its core market, including shopping centres, airports and universities. The funding provides a platform to scale up and mature the business over the next 18 to 24 months, and it will enable the company to reach more customers, develop new products and further grow its skilled team.

Following COP26, the critical importance of reducing carbon emissions has never been more widely recognised. The race to net zero is on, and with commercial buildings making up 40 per cent of global carbon emissions, this funding marks an exciting turning point in reducing environmental impact in the built environment.

Tom Anderson, co-founder at Grid Edge, said: “This funding round further strengthens our collaboration with bp, Goldacre and Aston University, who have shown equal ambitions in accelerating the growth of Grid Edge. Optimising energy demand to reach net zero is now an essential requirement for businesses. We are proud to provide many leading companies with predictive AI technology to reduce energy consumption and save money.”

David Bloom, founding partner at Goldacre (Noé Group), said: “We saw the huge potential in Grid Edge back in 2019 and wanted to help support the business in scaling up and expanding its service delivery. Now more than ever optimal energy management is an essential demand of businesses and consumers and so by leveraging smarter digital technologies, we can significantly reduce carbon emissions whilst making buildings more energy efficient. We look forward to supporting the Grid Edge team as they enter this exciting new business phase.”

Nacho Gimenez, managing partner at BP Ventures, said: “Grid Edge’s predictive AI technology empowers building managers to reduce their energy demand, decrease costs and lower their carbon footprint, without the need for additional investment. It is a smart, simple and effective solution that is already making a difference to many building owners in the UK. We are delighted to continue to support them as they scale up and help drive forward the energy transition.”

Neil Scott, chief operating officer at Aston University, said: “This is wonderful news for all parties involved and is further testament to the work being done at Grid Edge. I look forward to continuing my work within Aston University and the Grid Edge board in working towards a net-zero world through collaboration and innovation. It is something we are all proud to be part of.”

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