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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"With recent pledges to transition from natural gas in new build properties by 2025 across Europe along with unprecedented volatility in the UK’s electricity balancing market, Mixergy is well positioned to accelerate the low carbon transition through relationships with low cost manufacturing supply chains that cater to a global market.”