equiwatt, the North East-based energy management company, has secured an additional £300,000 investment to support the continued roll-out of its technology platform.

The Gateshead company helps consumers shift energy, lower their carbon footprint and save money during peak-time events.

The funding has been secured from the North East Venture Fund (NEVF), supported by the European Regional Development Fund and managed by Mercia Ventures. This boost in support comes ahead of equiwatt taking part in the National Grid’s Demand Flexibility Service (DFS) as an approved and certified provider/partner for the second time, this winter.

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The funding, which will create four new jobs, is the third round from the NEVF and Mercia, which first invested in the company at its inception in 2020 and brings the total raised by equiwatt to more than £2m, which includes around £800,000 in grants.

equiwatt makes it easy for householders to shift energy usage away from peak times of demand through its free app, which links to smart meters and smart technologies used in homes such as smart plugs, electric vehicles (EVs) or EV smart chargers.

Householders receive notifications to take part in energy saving events at peak times by turning off or avoiding the use of appliances – anything from fridge freezers and cookers, to washing machines and pausing EV charging.

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The peak time events typically last for up to one hour and users are rewarded for the energy and CO2 reductions with points redeemable for retail vouchers or charity donations.

Dr Johnson Fernandes, CEO of equiwatt, said: “We continue to receive a positive reaction to our app as consumers look closely at their energy usage from both a financial and environmental perspective.

"Energy flexibility and proactive demand side energy management have become essential components of UK power generation and we see equiwatt and our platform as a key part of the country’s energy generation and usage.

“This latest round of funding will further assist with our scale up plans to secure more users of the app, through direct and partnership sign ups.”