Tem, a London-based renewable energy platform, has raised £10.5m to drive growth.
- The funding round was led by Atomico, with contributions from notable investors.
- Tem aims to connect businesses with over 22,000 renewable generators in the UK.
- The company uses AI to provide 100% traceable, renewable energy.
- Silverstone is one of Tem’s major clients, benefitting from reduced energy costs.
London-based Tem has successfully raised £10.5 million in a recent funding round. This substantial investment, led by the prominent venture capital firm Atomico, has also seen participation from existing investors such as AlbionVC and Revent, alongside notable angels Holly and Sam Branson, as well as Harsh Sinha, Chief Technology Officer of Wise. The capital injection brings Tem’s total funding to £13 million.
Tem operates an innovative AI-driven transactions platform specifically geared towards renewable energy markets. The platform is designed to effectively match businesses with a growing network of more than 22,000 renewable energy generators across the UK. Aimed at small and medium-sized enterprises, Tem seeks to address the pressing challenge of securing reliable and affordable energy amidst prevailing economic uncertainties.
Tem’s algorithm boasts an impressive ability to forecast energy supply and demand fluctuations, handling approximately 1.8 billion matches every second. This technology allows the company to bypass traditional wholesale energy markets, thereby offering a more efficient and direct energy procurement solution for businesses seeking 100% traceable renewable energy.
Silverstone, a renowned British racing venue, stands as a testament to Tem’s impact and efficiency. The circuit has reported significant cost savings through its partnership with Tem, simultaneously enhancing its sustainability credentials by reducing its carbon footprint.
Joe McDonald, Co-founder and CEO of Tem, emphasised the role of small and medium-sized businesses in tackling climate change, highlighting their demand for trustworthy energy solutions as they face rising energy bills. ‘We built Tem so that any UK business can get affordable energy while powering the clean energy transition from their doorstep,’ McDonald remarked.
Tem’s innovative approach and recent funding position it as a promising player in the renewable energy sector.
