A startup that aims to address the systemic shortcomings of the energy sector by reimagining the buying and selling of renewable energy has raised £2.5 million in a Seed funding round. The funding was led by AlbionVC, a prominent B2B investor in Europe, with participation from purpose-driven tech fund Revent and fintech angel Christian Deger, the founder and CEO of Payworks.
The startup, known as tem., focuses on facilitating direct and traceable energy transactions by automatically matching supply with demand using an AI-driven platform. By bypassing traditional energy markets, tem. enables businesses of all sizes to purchase renewable energy based on their specific needs, democratizing access to true, traceable energy while reducing transaction costs significantly. This benefits businesses by providing cheaper and greener energy, while energy producers receive transparently higher revenue in return.
The existing energy sector has favored traditional energy companies, leaving businesses with limited alternatives for buying and selling energy. However, rising energy prices and increasing concerns about climate change have shed light on the inequities and inefficiencies of the current system. With the growing global adoption of renewable energy, there is now an opportunity to democratize access and address these issues.
Despite being launched only in October 2022, tem. has already facilitated over £10 million in energy transactions in the UK alone, delivering better prices and an enhanced customer experience for its users. The ultimate goal of tem. is to unlock direct, traceable, renewable energy at improved prices for socially-minded organizations. The company aims to facilitate $1 trillion in direct renewable energy transactions globally by 2030, potentially saving 390 million tonnes of additional CO2 through the faster adoption of renewable generation worldwide.
tem.’s founders possess a unique combination of expertise in energy markets, software development, and FinTech, gained from their roles in the growth and acquisition of Limejump, an energy tech startup acquired by Shell in 2019. The funds raised will be used to expand the team, enhance the product, and make the platform accessible to a larger customer base in 2023.
tem.’s CEO, Joe McDonald, expressed excitement about the investment and the opportunity to make a sustainable impact on the energy markets by replacing outdated energy trading companies and helping customers reduce their carbon footprint while saving on energy bills. AlbionVC Investment Director Adam Chirkowski emphasized the potential for tem. to disrupt the energy markets and revolutionize renewable energy transactions, comparing it to the transformative impact of FinTech on the financial industry.
tem. aims to enable businesses, regardless of their size, to directly purchase renewable energy from generators, offering improved pricing, customer experience, and access to true, traceable energy. With the backing of renowned investors AlbionVC and Revent, tem. is committed to driving significant change in the energy markets, with the goal of unlocking $1 trillion in direct renewable energy transactions globally and reducing CO2 emissions by 390 million tonnes by 2030.