More good news from smart hot water tank company Mixergy with the completion of a £3.6m Series A funding round to fuel the next stage of their growth.

The new phase of investment for the Oxford University spin-out includes Foresight Williams Technology, IP Group, Oxford Sciences Innovation, and Centrica Innovations. A roll-out of tanks through British Gas domestic customers is reportedly set to follow, along with expansion into new markets overseas.

Aside from providing a smarter, more efficient way to heat water, the really fascinating play for Mixergy is how the tanks can be integrated into a virtual power plant (VPP). In what is reported to be a market first, the Mixergy tanks are the first hot water products certified to deliver grid balancing services to the National Grid. Tapping into the electricity balancing markets by creating a national network of smart connected hot water tanks (the 'Internet of Tanks') opens up additional revenue streams, replicating business models that have been well-established with residential battery storage system suppliers such as sonnen, Moixa, Social Energy and others. 

With lower costs than lithium-based batteries and a more simple and obvious use case - the basic need for a hot water cylinder - Mixergy looks set to provide a much more accessible way for households to reduce energy consumption whilst also benefiting the environment and wider energy transition.

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