### Fast-Growing Energy Management Firm Raises Funds for New Platform

A promising energy management company based in the UK has successfully secured an impressive £700,000 in funding. This investment comes from the North East Venture Fund (NEVF), which is backed by the European Regional Development Fund and managed by Mercia Ventures. Alongside these institutional investors, several private investors have also contributed to this funding round.

### Purpose of the Funding

This latest injection of capital will empower equiwatt, an innovative company, to deploy a new Software as a Service (SaaS) platform targeting utility companies and manufacturers of low-carbon technology. The funding is crucial for equiwatt as it continues its rapid growth trajectory with an aim to prepare for a planned Series A investment round within the upcoming year.

### The Equiwatt App: A Game-Changer for Consumers

Equiwatt’s app, which is free for consumers, is designed for users who have smart meters or devices compatible with its technology, such as heat pumps, batteries, and electric vehicle chargers. The application provides householders with the opportunity to engage in energy-saving schemes that help reduce stress on the power grid. In return, participants can earn rewards in the form of points that can be exchanged for gift vouchers or charitable contributions by opting to switch off their appliances during peak energy consumption times.

### Government Support for Energy Initiatives

The UK government is actively advocating for more widespread participation in these energy-saving initiatives. They are encouraging energy suppliers to ensure that all customers can engage in such programs. The new powerResponse platform developed by equiwatt offers the necessary technology to facilitate this participation and has already seen traction with major energy suppliers across the UK. Additionally, device manufacturers, housing associations, and retail loyalty programs can leverage this platform to enhance the energy efficiency of their customer bases.

### Significant Progress and Growth

This recent funding round marks the fifth collaboration between Mercia Ventures and the NEVF, both of which have consistently supported equiwatt since its establishment in 2020. Since the last investment round initiated in August 2023, equiwatt has witnessed a substantial increase in its consumer base, growing from around 5,000 to an impressive 120,000 users. Furthermore, the company has experienced a five-fold revenue increase and expects to achieve another four-fold growth in the upcoming year.

### CEO’s Vision: Transforming Energy Management

**Dr. Johnson Fernandes**, the visionary founder and CEO of equiwatt, expressed, “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. We believe equiwatt can play a key role in that.”

He elaborated that the consumer-friendly app has proven to be highly valued by users who appreciate the chance to earn rewards. With the new powerResponse platform, equiwatt enables energy suppliers and other businesses to provide customers with an engaging way to participate in energy savings. “This investment will support the roll-out of the platform and our vision to make clean energy affordable and accessible for all,” he added.

### Industry Insights from Mercia Ventures

**Chris McCourt** from Mercia Ventures stated, “Having backed equiwatt from the very start, it is rewarding to see its rapid expansion. Its new platform has attracted strong interest within the industry, and heightened regulatory pressure will further drive uptake.” As equiwatt embarks on its next phase of growth, it’s positioned to potentially become a global leader in virtual energy management solutions.

### Introduction to Mercia Ventures

Mercia Ventures stands out as a proactive venture capital investor, dedicated to being the premier partner for business growth. The firm specializes in making equity investments of up to £10 million across diverse sectors, focusing especially on Software, Consumer, Healthcare, and Deep Tech. As part of Mercia Asset Management PLC, Mercia Ventures operates with a national reach from its 11 UK offices.

### The Role of AI legalese decoder

As equiwatt navigates complex funding rounds and prepares for potential international expansion, it’s crucial to understand the legal frameworks involved. This is where tools like **AI legalese decoder** come in handy. It can help startups decode and understand legal agreements, funding terms, and the regulatory landscape in which they operate. By simplifying complex legal jargon, the AI legalese decoder empowers businesses to make informed decisions and ensures that they remain compliant while maximizing their growth opportunities.

### About The North East Fund

Established in April 2018, The North East Fund comprises five venture capital and loan funds aimed at investing £130 million into approximately 600 businesses in North East England by December 2023. The fund managers are committed to offering business development advice and financial investments to small and medium-sized enterprises spanning the seven local authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead, Sunderland, and County Durham.

The funding strategy aims to promote the commercialization of innovative technologies, particularly low-carbon and energy-efficient technologies, while cultivating private investments and entrepreneurial ventures in the region. This initiative is projected to create over 2,500 new jobs, further supporting the local economy.

### Background on the European Regional Development Fund

The North East Fund will benefit from up to £66.5 million in financial support from the England European Regional Development Fund. This investment aims to stimulate local economic development by funding projects that support innovation, job creation, and community regeneration.

For more information about funding opportunities, please visit their website at [www.northeastfund.org](http://www.northeastfund.org).

### About the European Investment Bank

The European Investment Bank (EIB) provides long-term lending for sound investments, contributing toward various EU policy objectives. The EIB will lend up to £60 million to the North East Fund program, further enabling economic growth in the area. More details can be found on the EIB’s official website at [http://www.eib.org/about/index.htm](http://www.eib.org/about/index.htm).