Cambridge-based Green Energy Options (GEO) has entered a £800,000 funding round to further develop its range of energy-efficiency monitors for buildings.
Thames Valley Investment Network (TVIN) invested £250,000, which was matched by the Bank of Scotland Corporate’s Growth Capital team. TVIN is a business angel network that helps growing companies to raise funding and operates in
GEO manufactures sophisticated monitoring devices that help individuals view patterns in their energy use.
Patrick Caiger-Smith, chief executive of GEO, said: ‘Our products can provide real-time meaningful information about energy use, right down to individual rooms and appliances, that clearly demonstrates where and when people are spending most on their energy.’
The company’s monitoring devices aim to address behaviour change, energy wastage and appliance efficiency to reduce overall energy usage.
Caiger-Smith added: ‘If you can persuade people to change the way they do something – such as doing their laundry at a lower temperature – then cost savings of between 10 per cent and 20 per cent are possible.
‘Secondly, if you can alert people that devices have been left on when not in use – such as a television in standby mode, or a light left on in the attic – then not only are you warning them about energy wastage they were not aware of, you will change their behaviour as well.’
GEO’s Home Energy Hub has been tested in field trials, and the company is working with energy suppliers, developers and housing associations to install the devices in homes.