Equiwatt powers up with £700,000 investment

An energy management firm is amping up growth plans after securing £700,000 support.

Equiwatt is rolling out a new software platform to help utility companies and low-carbon technology manufacturers monitor power use.

Bosses say the move strengthens the firm’s “vision to make clean energy affordable and accessible for all”.

Based in Gateshead, the company – known for an app that rewards consumers who switch off appliances at peak times – has been backed by the North East Venture Fund, which is supported by the European Regional Development Fund and managed by Mercia Ventures and private investors.

The funding marks the fifth round of Equiwatt backing led by Mercia Ventures and the North East Venture Fund since its 2020 founding.

Dr Johnson Fernandes, Equiwatt founder and chief executive, said: “Managing domestic energy demand will be crucial to reducing the UK’s reliance on fossil fuel power stations and making the transition to clean energy.

“This investment will support the rollout of our new platform and our vision to make clean energy affordable and accessible for all.”

Chris McCourt, of Mercia Ventures, added: “Having backed Equiwatt from the very start, it is rewarding to see its rapid expansion.

“It has the potential to become a global leader in virtual energy management solutions.”

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