LONDON, May 18, 2020 /PRNewswire/ -- UK clean energy technology innovator Enertechnos has raised £5 million in a Series A funding round.
Enertechnos is at the forefront of the UK's drive towards net-zero. Their innovative cable technology reduces energy losses throughout the power network, slashing carbon emissions from wasted energy.
In a show of strength for the fast-growing company, 30% of the funds came from existing investors. The remainder were provided by a wide range of individual investors, including energy and engineering sector specialists alongside former cabinet and environment minister Virginia Bottomley.
The round was advised by Adelpha, a female-led corporate adviser private investment network which specialises in high growth, tech-enabled UK companies with a positive social and environmental impact.
Enertechnos will use funds raised for two waves of activity. They will expand their engineering team to drive the next stage of their ground-breaking R&D, and boost their commercial sales and marketing team to accelerate the global roll out of their technology.
The UK power grid loses around 8% of all electricity as it is transmitted throughout the network – accounting for 1.5% of UK carbon emissions and costing around £3.8 billion annually. This loss could power almost seven million homes each year.
Enertechnos' cable technology – called Capacitive Transfer System (CTS) – reduces this waste by up to 47%, allowing generators and networks to deliver more power to consumers.
Enertechnos has received backing from several government programmes, and is currently working with the Department for Business, Energy and Industrial Strategy to revolutionise electric vehicle charge times. Enertechnos' transformational CTS technology will soon be deployed by network operator Western Power Distribution (WPD) in a real-world trial.
Dominic Quennell, CEO of Enertechnos said, "The energy sector is facing a multitude of challenges at present responding to Covid-19, but we also have a commitment to reach net-zero by 2050. Minimising waste in the energy system will be a key part in achieving this.
"The potential carbon emission savings that can be achieved by this technology is enormous and this funding round recognises the role our technology can contribute to net-zero targets. We are proud to be at the forefront of this effort, helping the UK energy sector rise to the challenge."
Addie Pinkster, Founder and Chief Executive of Adelpha added, "We are delighted to have advised Dominic and the Enertechnos team on their recent Series A investment round, and work with their impressive existing and incoming investor base. Enertechnos is a great example of an innovative UK company that is providing best-in-class technology to reduce the global carbon footprint.
"The quality of investors in this round is testament to Enertechnos' world-class engineering team and product, as well as their exceptional management team and highly experienced board. It's also recognition of how pressing the climate change challenge is, and the regulatory and corporate demand for solutions that work at industrial scale."
For more information visit www.enertechnos.co.uk.
Notes to Editor:
Figures from the Department for Business, Energy and Industrial Strategy show power lost in the transmission and distribution systems totalled 26,663 GWh in 2018.
Based on the 'societal cost of losses' set by Ofgem at £48.42/MWh, losses cost the UK almost £1.3 billion in 2018 alone. CTS-enabled cable can be manufactured using conventional machinery with minimal adaptation. It is also compatible with traditional cabling, meaning it can be deployed seamlessly across the grid.
The technology also uses less carbon intensive copper – cutting projects' CO2 capex.
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