Gateshead-based Equiwatt has received a £300,000 investment from the North East Venture Fund for its energy-saving app. The startup will use the capital boost to add four new people to its current team of nine.
Equiwatt at peak times of the day will tell users to switch off or not use certain electrical items such as washing machines and pause the charging of electric vehicles.
When taking part in the energy saving events credits are generated on the app, which can be spent on vouchers or donations to charity.
Dr Johnson Fernandes, CEO, Equiwatt, said: “Energy flexibility and proactive demand side energy management have become essential components of UK power generation and we see Equiwatt and our platform as a key part of the country’s energy generation and usage.
“This latest round of funding will further assist with our scale up plans to secure more users of the app, through direct and partnership sign ups.”
The North East Venture Fund is overseen by Mercia and propped up by the European Regional Development Fund. It is the third time the North East Venture Fund has invested in the energy-saving app.
To date, Equiwatt has raised over £2m, with around £800,000 coming from grants.