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P2P energy trading start-up seeks fresh investment

Tom Andrews Senior Analyst

Energy start-up Verv is seeking further investment from both public and institutional investors in a new round of fundraising launched on 21 November. The company also noted that it has distributed over 12,000 of its energy monitoring units through Centrica/ British Gas and the Dubai Electricity and Water Authority. An announcement on 6 December revealed that innogy’s International Middle East division has invested £500,000 in Verv. Furthermore, the company, which successfully secured its initial £350,000 target through its latest equity crowdfunding campaign, is now close to securing £500,000. The total funding round over the next year is expected to be in the range £3.5-5mn. The new funds are intended to accelerate Verv’s growth into international markets and launch new products, including a three-phase version of its flagship energy hub for use in larger homes and non-domestic buildings. Verv’s energy hub samples electricity data one million times a second via a current clamp installed near the electricity meter. This provides high-resolution data on the level of energy usage in the home. The sampling allows Verv’s signal disaggregation AI algorithms to detect and report on the consumption and running costs of individual appliances. The energy hub also offers safety and peace of mind features, such as providing alerts when heated appliances are left switched on. Verv says that its AI can also send alerts when unusual behaviour is detected. The hub is currently being trailed by an insurance service provider. Another product is Verv Connect &...

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