Mixergy, a company situated in Oxford that specialises in heat storage technology, has announced that they have obtained £9.2m of investment to bolster their R&D capabilities, manufacture heat pump related products, and extend their business to other countries.
Two new investors, EDP Ventures and Nesta, the innovation agency, have come on board alongside the pre-existing shareholders Oxford Science Enterprises, Kiko Ventures, Foresight WAE Technology and Centrica for the most recent round of financing.
The organisation declared that the extra financing would assist in expediting the objectives of the Oxford University spin-off, which is to reduce household heating costs, make homes more carbon-neutral, and offer greater flexibility to the grid.
Mixergy has created a selection of intelligent heating technologies, one being their patented "top-down" water tank technology that leverages thermal stratification to only heat water when it is necessary. The company declared that combined with sensing and control systems, the technology can convert hot water tanks into "smart heat batteries".
Mixergy has reported that this method can reduce water heating costs by as much as 40 percent and cut down on gas usage by up to 21 percent for those that employ it.
The technology is designed to work with eco-friendly heating systems, such as heat pumps, solar thermal and solar PV, as well as gas boilers. This can lead to a 95% decrease in carbon emissions from homes, making it a very attractive option.
According to Peter Armstrong, the Chief Executive Officer of Mixergy, the new financiers of the enterprise are ideal to aid its growth ambitions.
According to him, EDP Ventures being one of the major energy providers in Southern Europe is a spark that ignites Mixergy's enlargement in Portugal and Spain, where they have located a great product market. Nesta brings a lot of understanding to this sector along with a focus on social influence that goes hand in hand with Mixergy's mission to deal with fuel destitution while decreasing carbon emissions.
Manuel, a managing partner at EDP Ventures, expressed enthusiasm for Mixergy's invention of the smart and connected hot water tank, which integrates with their work involving distributed energy technologies. He commented, "We anticipate backing Mixergy as they launch their products throughout EDP's markets."