Tem. Raises £10.5M to Accelerate AI-Driven Renewable Energy Platform Expansion

Image Credit: tem.

UK-based clean energy transactions platform tem. has announced the successful close of a £10.5m Series A funding round, marking a significant step forward in its mission to connect businesses with renewable energy generators in real-time.

Led by European venture capital firm Atomico, the round also saw contributions from existing investors AlbionVC and Revent, alongside prominent angel investors Holly and Sam Branson and Wise executives Harsh Sinha (CTO) and Nilan Peiris (CPO).

This new funding brings their total raised to £13m, with Atomico Partner Terese Hougaard set to join the board. Tem.'s platform uses a proprietary algorithm that allows businesses to match with renewable energy suppliers in real-time, giving them access to clean energy at the most competitive rates.

The company said its AI engine forecasts fluctuations within energy supply and demand, processing 1.8 billion matches every second. "This innovative approach not only bypasses the inefficient wholesale market but also promises to save businesses up to 25 percent on their energy bills while providing 100 percent traceable, renewable energy," the company said.

Joe McDonald, tem. CEO and co-founder said the technology will make it easier for small and medium-sized enterprises to secure access to lower-cost clean power. "Small and medium-sized businesses are critical in tackling climate change and are desperate for energy they can trust after seeing their bills soar by 124 percent during the recent energy crisis," he said. We built tem so that any UK business can get affordable energy while powering the clean energy transition from their doorstep."

The company has already secured a number of high-profile customers, including racing track Silverstone. Stephane Bazire, head of business sustainability at Silverstone, said that the partnership with tem. meant the company was "now paying less for fully traceable renewable energy, while putting more money back into the pockets of generators, hugely helping our business reduce its carbon footprint."

Tem., founded in 2021 by four former employees of energy management software company Limejump, stated that its platform enables smaller businesses to tap into the cost savings typically reserved for more giant corporations that sign long-term Power Purchase Agreements (PPAs) with renewable energy generators. At the same time, the platform offers an additional market avenue for the UK's expanding fleet of renewable energy providers, enhancing their ability to connect with businesses seeking clean energy solutions.

Hougaard said the company also had the potential to serve international markets, noting that while it has seen impressive growth to date, "the future potential is massive with $1tr in direct renewable energy transactions to unlock globally".