Tem, a renewable energy platform, has successfully raised £10.5 million.
- The funding involves participation from Atomico and Wise’s CTO.
- Tem’s AI platform aims to match businesses with renewable energy sources.
- The initiative seeks to support SMEs in managing energy costs post-crisis.
- Silverstone is a key customer benefiting from this energy solution.
Tem, based in London, has raised £10.5 million to advance its renewable energy platform, marking a significant milestone in its partnership with noted British landmarks like Silverstone. This venture capital was primarily secured through the European firm Atomico, and saw further contributions from existing investors such as AlbionVC and Revent, alongside new inputs from notable individuals including Wise CTO Harsh Sinha and CPO Nilan Peiris.
The freshly acquired capital will be directed towards expanding Tem’s capacity to interconnect businesses with a network of over 22,000 renewable energy generators across the UK. This initiative is particularly significant in the current energy landscape where businesses are grappling with soaring energy bills in the aftermath of an energy crisis.
Co-founder and CEO Joe McDonald emphasized the importance of the platform in the ongoing fight against climate change, specifically highlighting the role of small and medium-sized enterprises (SMEs). “Small and medium-sized businesses are critical in tackling climate change, and are desperate for energy they can trust after seeing their bills soar during the recent energy crisis,” McDonald stated.
Tem has pioneered a proprietary algorithm designed to bypass the inefficient wholesale energy market through its real-time matching of businesses with energy suppliers. This system is capable of processing an impressive 1.8 billion matches per second, ensuring that each energy transaction is 100% traceable and rooted in renewable sources.
Moreover, Silverstone, a key client, has reported tangible benefits, noting reduced energy costs and a decreased carbon footprint due to this partnership. The racing venue remarked on the affordability and transparency of energy sourced via Tem’s platform, which channels more financial support back to energy producers.
This crucial funding positions Tem to enhance its innovative approach in the renewable energy sector, promising a sustainable energy future.
