Oxford cleantech startup Mixergy has received a £1.6m investment from Foresight Group and Williams Advanced Engineering. The funds are a major boost for the firm’s development of its smart hot water tank and will allow it to roll out its products across the UK and internationally.
The firm was founded in 2014 by Oxford University PhD students Peter Armstrong and Ren Kang, following the completion of their research. The team has since grown to 17 staff and has built strong relationships with Centrica, which owns British Gas, a major installer of tanks.
The technology used in Mixergy’s product range gives consumers greater control and oversight of their hot water systems. The Mixergy tank heats up five times faster than traditional counterparts and has energy-efficiency advantages due to its ability to heat only the amount of water needed.
If rolled out across the UK’s fleet of hot water tanks, Mixergy’s technology would save almost 11GWh of energy per day, equivalent to the typical output of a 1GW power station.
The investment means Mixergy can also take advantage of Foresight’s experience in helping the growth of early stage companies, and Williams’ product development and manufacturing expertise in fields such as electronics and computational fluid dynamics.
Mixergy chief executive Peter Armstrong said: “Mixergy is thrilled to have Foresight and Williams on board, as we expand our supply chain into new markets. The team has been a real pleasure to work with throughout the run-up to this investment, and has already delivered valuable inputs to our strategy. We look forward to delivering on our ‘Internet of Tanks’ vision together over the coming years.”
Chris Wiles, senior investment manager at Foresight, said: “We are very impressed with Mixergy’s vision of developing a better hot water tank which saves customers energy whilst also facilitating the uptake of intermittent renewable generation. We look forward to supporting Mixergy in the coming years with the roll out of its products across the UK, Europe and North America.”
Williams Advanced Engineering’s head of technology ventures Matthew Burke added: “Energy efficient performance is at the heart of what we do at Williams Advanced Engineering and Mixergy’s smart hot water tank technology is a great example; heating up faster while using less energy, improving efficiency and reducing cost to the customer; all whilst benefiting the environment.”