Oxford spinout raises £9.2m for smart water tank R&D centre
An Oxfordshire-based company developing smart water tanks has received £9.2m in funding to construct a research and development (R&D) centre.
Mixergy, founded as a spinout from the University of Oxford, will use the new R&D facility to test the thermal stratification used in its water tanks. Mixergy uses thermal stratification allows its water tanks to heat the water actually required.
Energy sources such as gas boilers, solar and heat pumps can connect to the Mixergy tanks.
Peter Armstrong, CEO, Mixergy, said: “EDP Ventures is one of the biggest energy providers in southern Europe and their arrival is a catalyst for Mixergy’s expansion across Portugal and Spain, where we see great product market fit alongside solar PV.”
EDP Ventures, Nesta, Oxford Science Enterprises, Kiko Ventures, Foresight WAE Technology and Centrica supplied funds in the Mixergy round.
Luís Manuel, managing partner, EDP Ventures, said: “Distributed energy resources and decarbonization are two domains at the heart of what we do here at EDP Ventures, and Mixergy’s technology is fully aligned with both: a smart and connected hot water tank that acts as a home battery, providing faster water heating and harnessing solar power.”
Another business looking to update household appliances is the smart boiler maker Tepeo. In December it took home £10.5m in Series A funding.