Green Power Solutions, a Truro-based energy management solutions provider, has secured £175,000 equity from the British Business Bank’s South West Investment Fund.
The funding was provided through the appointed fund manager, the FSE Group, as part of a £300,000 funding round. The British Business Bank is a development bank wholly owned by the UK’s government.
Green Power Solutions has developed an energy management platform, 3MS, that addresses key challenges faced by industries that rely on off-grid power solutions, which typically rely on assets powered by diesel generators.
The software integrates with existing hardware to enable clients to monitor, manage and optimise operations remotely. It can be used with generators, fuel cells, inverters, solar, pumps or batteries.
Green Power Solutions aims to mitigate issues such as maintenance, downtime and CO2 emissions tracking and make operations more sustainable, offering advanced analytics and real-time energy adjustments. For example, it claims that its predictive maintenance offering can save businesses 40-50% on maintenance by reducing unplanned downtime.
Green Power Solutions CEO Sam Taylor said the firm was “thrilled” to receive the support, which will help it ensure it is “well-equipped” to provide “innovative and sustainable solutions for a wide range of industries”.
The company said it will use the funding to build capacity across sales, customer service and in-house development. It aims to become a leading name in performance monitoring for off-grid assets.
Paul Jones, senior investment manager of regional funds at the British Business Bank, said Green Power Solutions is “at the forefront of sustainable innovation”.
Green Power Solutions will use the funding to build capacity across sales, customer service and in-house development.
The South West Investment Fund’s stated purpose is to drive sustainable economic growth by supporting innovation and creating local opportunities for new and growing businesses across the South West. It offers a range of commercial finance options with smaller loans from £25,000 to £100,000, debt finance from £100,000 to £2 million and equity investment up to £5 million.
Digitalisation in the energy sector
The funding injection highlights the space for innovative software solutions in the green revolution. Digitalisation is a key part of delivering an energy system capable of supporting net zero goals.
Decentralisation is one answer to the barrier presented by the lacking grid infrastructure in the UK. Irene Di Martino, CEO at Amp X explained in a Current± webinar, Digitalisation – the key to unlocking a whole-system net zero transition, that technology developers have “decided to move away from a point solution and not focus on a single stakeholder, addressing a specific challenge, but to think transversally”.
