Energy giant innogy’s International Middle East (IME) division has invested £500,000 in UK energy tech start-up Verv.
London-based Verv has developed an artificial intelligence and blobkchain-enabled smart home hub, which can link to other devices in the home and, ultimately, enable peer-to-peer trading between neighbouring homes.
The company is to use the investment to help further its proposition, including the development of a three-phase hub which will make its range of devices compatible with a wider set of buildings.
It will also seek a number of new strategic partners to help with its expansion.
Pierre Samaties, managing partner and chief executive at innogy IME, said Verv “fits perfectly” with the firm’s strategy and portfolio.
“With their skillful team, innovative coupling of various disruptive technologies and product offering, we were keen on participating in the investment round. We aim to add Verv to our Smart Living client offerings and plan on supporting its global expansion in general and across the Middle East.”
In November last year, Verv claimed a UK-first when it said it had launched the country’s maiden energy trading community within a housing estate in Hackney, London. It worked with community renewables developer Repowering London to install its hubs in houses on the Banister House estate, establishing a peer-to-peer trading solution that used energy generated by the estate’s rooftop solar projects.
Peter Davies, CEO and founder at Verv, said it was an honour to collaborate with innogy, adding: “innogy’s vision of smarter, greener living is very much aligned with our own, as we look to pioneer an energy transformation.”
The £500,000 from innogy will complement a further £350,000 which is being raised on the crowdfunding platform Crowdcube.