Liverpool tech venture Heatio – whose digital platform helps people improve energy efficiency in their homes – secures a £2m cash injection. Tony McDonough reports
Liverpool tech firm Heatio will create new jobs after securing new investment totalling £2m.
Heatio was founded by Thomas Farquhar and Simon Roberts. They have developed a digital platform that enables optimisation, control and flexibility of connected technologies and devices in the home. These include heat pumps, electric batteries and solar panels.
In January LBN revealed the Royal Albert Dock-based business had secured two contracts worth a total of £1.2m. This will see them improve the energy efficiency of 350 homes in the North West of England.
In February Heatio joined the LYVA Lab’s Deep Tech Incubator. Backed by a £1m fund from Liverpool City Region Combined Authority, LYVA Lab’s incubator programme is aimed at deep tech start-ups.
Using AI and machine learning, Heatio Flexx also provides tailored energy solutions based on the property type and how much energy individual households use, making the property more efficient and enabling consumers to save money on their energy bills.
This oversubscribed investment round was led by Ascension, with support from a number of co-investors, including Conduit Connect, The Syndicate Room, Baltic Ventures, LYVA Labs, and deep tech investor Neil Norman.
It will be used to expand the Heatio team, launch version 2 of the Heatio Flexx app and scale the onboarding process for new customers. And it will support Heatio’s delivery of two contracts within the Government’s Net Zero Portfolio.
Simon Roberts, chief executive of Heatio, added: “Our ability to help homeowners access affordable energy via our Flexx platform and virtual power plant drives energy security and helps the UK get to a clean, green future.
“When we launched Heatio two years ago, our priority was to help more consumers access green technology and reduce the use of fossil fuels to decarbonise their homes. Through this investment, we are moving closer to making that a reality.
“We are looking forward to driving our expansion and working with industry leaders and would like to extend our appreciation to every investor for helping us get where we are today.”
Working with E.ON and Energy Systems Catapult, Heatio will provide a new renewable technology subscription called Energy as a Service (EaaS), in a pilot contract for 350 homes in the North West.
This will eliminate upfront costs for consumers considering heat pumps, solar PV, or battery storage. Heatio is also working in partnership with Perenna Bank and Energy Systems Catapult to launch a long-term fixed-rate green mortgage.
Jean de Fougerolles, managing partner at Ascension, who will also be joining the Heatio board said: “We are thrilled to be supporting Heatio in its mission to reduce energy costs and democratise access to renewable sources of energy for the home.
“With the typical annual household bill having increased by 49% since pre-crisis levels, the scale of the problem is massive. Heatio’s innovative solution is uniquely positioned to address it through a partner-based business model.”