London-based AI-powered energy transactions platform, tem., has secured £10.5M in a Series A funding round. The investment was led by Atomico, with participation from existing investors AlbionVC and Revent. The funding aims to accelerate tem.’s mission to make renewable energy more accessible and affordable for businesses across the UK.
In recent news, tem. has consistently garnered attention for its innovative approach to renewable energy transactions. This latest funding round follows earlier investments that have underpinned its rapid growth. The company continues to align with the increasing global focus on achieving climate goals by providing a direct link between businesses and renewable energy sources. Previously, tem.’s platform has demonstrated its capability to significantly reduce energy costs for businesses, furthering its appeal in a market grappling with rising fossil fuel prices.
Renewable Energy Democratization
Founded in 2021 by former Limejump employees Joe McDonald, Jason Stocks, Bartlomiej Szostek, and Ross Mackay, tem. is focused on democratizing renewable energy. The platform enables UK businesses to purchase renewable energy at costs lower than traditional fossil fuels through a unique matching algorithm. This algorithm ensures energy transactions are more affordable, intelligent, and traceable.
The company’s growth coincides with the urgent global push to meet 2050 climate targets. With oil and gas prices surging, the need for alternative energy sources has never been more critical. Tem.’s AI-driven platform processes an impressive 1.8 billion matches per second, directly connecting businesses with renewable energy generators and bypassing the wholesale market. This approach can save businesses up to 25% on energy bills while ensuring the energy is 100% traceable and renewable.
Joe McDonald, tem. CEO and co-founder, remarked, “Small and medium-sized businesses are critical in tackling climate change, and are desperate for energy they can trust after seeing their bills soar by 124% during the recent energy crisis.”
Atomico’s Role and Experience
Atomico, founded in 2006, invests in ambitious tech founders across Europe from Seed to IPO. The firm manages $5B in assets and has partnered with over 100 teams, including notable companies like Klarna and Supercell. Atomico’s operational expertise is expected to accelerate tem.’s growth further.
Terese Hougaard, a partner at Atomico, stated,
“tem. has not only seen impressive growth to date; the future potential is massive with $1T in direct renewable energy transactions to unlock globally. With their deep energy experience and expertise from Limejump and Shell, nobody is better placed than Joe, Jason, Ross, and Bartek to seize this opportunity.”
The UK has seen a significant expansion in renewable energy, with renewables making up 50.9% of total electricity generation by Q1 2024. Tem. aims to capitalize on this growth by connecting businesses directly with over 22,000 renewable energy generators. This includes diverse sources such as large wind farms, small family-owned solar parks, and local hydropower weirs.
The recent investment in tem. underscores the growing importance of renewable energy solutions in the business sector. Tem.’s AI-driven platform not only offers cost savings but also aligns with global sustainability goals. As renewable energy becomes a larger part of the UK’s energy mix, platforms like tem. will play a pivotal role in the energy transition, providing businesses with reliable and affordable energy options.
