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• Funding brings in two new investors, EDP Ventures and NESTA, and will fund international expansion, new R&D capabilities and new heat pump related products
• Mixergy’s smart water tank range has seen rapid uptake across new build and social housing, reducing water heating bills by up to 40% and reducing gas consumption by up to 21%

(Oxford) Mixergy is thrilled to announce £9.2m funding round to support a new R&D centre at its Oxfordshire headquarters, the further development of their home energy and heat storage technology, and international expansion. 

This funding round will further accelerate Mixergy’s mission to cut heating bills, decarbonise homes and provide more flexibility to the grid. 

Mixergy has a suite of IP around hot water heating, heat pump and home energy management technologies. Their patented top-down approach to heating exploits thermal stratification to only heat what you need. This, in combination of sensing and control capabilities, transforms simple hot water tanks into smart heat batteries, which can connect to any energy source (heat pump, solar PV or gas boiler). 

With each system lasting 25 years+ (greater than 3x the lifetime of a battery), and all systems heat pump and PV ready, whatever pathway our energy system takes, Mixergy tanks will be on hand to help deliver the 95% reduction in CO2 in our homes, a critical step to acheive net zero by 2050.

The Energy Savings Trust has verified that Mixergy can reduce gas consumption by as much as 20% whilst reducing costs by 40%. These figures can rise further through their intelligent use of renewable tariffs, which exploit the ever growing surplus of wind and solar energy emerging across power grids throughout the world.

In addition to reducing energy consumption, Mixergy’s top-down heating also heats usable hot water up to 10x faster than a conventional system, with the Mixergy app or simple gauge offering homeowners total control of their water heating.

This is why the Mixergy tank is the ‘no regrets’ purchase for homeowners, installers and developers.

New investors, new markets

This funding round brings in new investors EDP Ventures and Nesta. In addition to supporting the R&D centre that will develop innovative integrated heat pump technologies, the new funds will be used to being international expansion, starting with Portugal.

EDP Ventures and Nesta are joining Mixergy’s existing shareholders, Oxford Science Enterprises (OSE), Kiko Ventures, Foresight WAE Technology and Centrica, who continue to back Mixergy as a market leader in home energy and heat storage technology.

Mixergy and investor quotes:

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 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 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." 

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About Mixergy

 Mixergy is a spin out from the University of Oxford which develops smart, connected hot water tanks alongside heating and home energy management systems which enable households to live better, save money, and reduce their impact on the environment.

We are re-thinking how hot water is done, using technology to find cost-effective and convenient solutions which help people live more sustainably. Alongside the mass market deployment of our smart hot water tanks in the UK and overseas, we are also the first to intelligently connect a decentralised, digital network of tanks that can provide flexibility to the grid and support the clean energy transition.

Mixergy contact details, +44 (0)1865 884 343, www.mixergy.co.uk

Mixergy press contact: Amy Moran, Head of Marketing: [email protected], +44 (0) 77 4304 1334