LONDON, October 12, 2015 /PRNewswire/ --
ONZO, a global data science software company has been awarded £747,000 Energy Catalyst funding from the UK's innovation agency, Innovate UK to deliver a two year project which aims to address fuel poverty and stimulate energy efficiency in the UK.
ONZO compiles and analyses household energy data taken from sensors, to empower customers with personalised insights and control around their energy usage.
During the project ONZO will present customers of a new energy provider in Scotland with highly personalised information and advice around their energy usage in order to spot energy waste and reduce demand, helping those who struggle to pay their bills in the winter better manage their energy use throughout the year and reduce costs.
Reducing and shifting overall energy usage away from times of peak demand will also decrease the total level of required electricity generation and reduce reliance on carbon intensive "peaking" power stations, reducing emissions and facilitating the push towards renewable energy.
ONZO has been awarded the funding in conjunction with Imperial College London which will measure the effectiveness of ONZO's interactions with the customers to understand the impact on long term behavioural change.
The Energy Catalyst grant has been established by Innovate UK, the Engineering and Physical Sciences Research Council and the Department of Energy and Climate Change (DECC) to accelerate innovation in the energy sector. From concept to pre-commercial readiness, the grant provides investment and support to innovative businesses and researchers from any sector who can address the three major challenges facing the energy sector on a global scale -The Energy Trilemma. These are reducing emissions by helping the UK produce energy through greener resources, improving security of supply and reducing costs.
Spencer Rigler, CEO of ONZO said "This project will allow energy companies to actively engage with consumers in an effective way, while addressing the global challenge of the energy trilemma. ONZO's insight will help to increase energy efficiency, bring clarity to consumers' energy bills and ultimately, save them money."
ONZO is a global leader in consumer energy data analytics. ONZO combines the science of energy analytics with load disaggregation, lifestyle behavior analysis and probabilistic forecasting to give utilities and their customers unprecedented insights into how, where and when energy is used. Leveraging granular smart meter data, ONZO's patented algorithms result in richer, highly accurate, customer-specific insights that help utilities improve customer engagement and energy efficiency, while reducing churn and creating new revenue opportunities.
About Innovate UK
Innovate UK is the new name for the Technology Strategy Board - the UK's innovation agency. Taking a new idea to market is a challenge. Innovate UK funds, supports and connects innovative businesses through a unique mix of people and programmes to accelerate sustainable economic growth. For further information visit https://www.gov.uk/government/organisations/innovate-uk
Catalysts are run jointly by Innovate UK and the Research Councils. A Catalyst is a form of research and development funding which focuses on a specific priority area and aims to help take projects from research to as close to commercial viability as possible. The Catalyst model supports projects in priority areas where the UK research base has a leading position and where there is clear commercial potential. Current Catalysts include: Biomedical Catalyst, Agri-tech Catalyst and the Industrial Biotechnology Catalyst. For more details please visit: https://www.gov.uk/innovation-get-details-about-innovate-uk-funding-competitions#catalysts