A major funding initiative has been announced by a renewable energy platform, Tem.
- Tem has raised £10.5 million in a bid to transform energy distribution.
- The funding was led by Atomico, with significant contributions from industry key figures.
- Tem’s AI-driven platform aims to link businesses directly to renewable energy sources.
- Silverstone, a prominent UK race track, benefits from Tem’s energy solutions.
In a notable development for the renewable energy sector, Tem, an AI-driven transactions platform, has successfully secured £10.5 million in funds. This initiative marks a significant step forward in reshaping how energy is distributed across the United Kingdom.
Tem’s funding round was led by Atomico, a leading European venture capital firm. The round also saw participation from existing investors AlbionVC and Revent, alongside notable angels such as Holly and Sam Branson. Key industry figures including Wise’s CTO Harsh Sinha and CPO Nilan Peiris play an instrumental role in this financial backing.
The financial infusion is intended to accelerate the growth of Tem’s innovative platform, a system designed to connect UK businesses with more than 22,000 renewable energy generators. This direct connection promises to bypass the traditional wholesale market, offering companies reliable and sustainable energy solutions.
Joe McDonald, Co-founder and CEO of Tem, emphasised the critical role of small and medium-sized enterprises in combating climate change. According to McDonald, these businesses have faced rapidly rising energy costs, intensifying the need for dependable energy sources. “We built Tem so that any UK business can get affordable energy while powering the clean energy transition from their doorstep,” he stated.
Tem’s technology is underpinned by a proprietary algorithm capable of processing 1.8 billion matches per second, effectively predicting energy supply and demand fluctuations. This sophisticated AI engine facilitates real-time matches between businesses and energy providers, providing a transparent and efficient energy supply chain.
Silverstone, the revered British racing circuit, has notably taken advantage of Tem’s platform. With Tem, Silverstone has managed to acquire fully traceable renewable energy at reduced costs, simultaneously supporting energy producers and advancing its environmental objectives.
The collaboration between Tem, Atomico, and industry leaders signifies a transformative shift in the provision of renewable energy solutions for UK businesses.
