UK cable technology innovator Enertechnos has raised £5 million in a Series A funding round to boost sales and R&D.
The company, which claims its innovative cable technology reduces energy losses by up to 47%, said 30% of the funds came from existing investors.
The remainder were provided by a wide range of individual investors, including energy and engineering sector specialists alongside former cabinet and environment minister Virginia Bottomley.
Enertechnos will use funds raised for two waves of activity. They will expand their engineering team to drive the next stage of their ground-breaking R&D, and boost their commercial sales and marketing team to accelerate the global roll out of their technology.
Enertechnos says its cable technology – called Capacitive Transfer System (CTS) – reduces transmission waste by up to 47%, allowing generators and networks to deliver more power to consumers.
Enertechnos chief executive Dominic Quennell said: “The energy sector is facing a multitude of challenges at present responding to Covid-19, but we also have a commitment to reach net-zero by 2050. Minimising waste in the energy system will be a key part in achieving this.
“The potential carbon emission savings that can be achieved by this technology is enormous and this funding round recognises the role our technology can contribute to net-zero targets. We are proud to be at the forefront of this effort, helping the UK energy sector rise to the challenge.”
The company pointed to UK power grid losses of around 8% of all electricity in transmission – accounting for 1.5% of UK carbon emissions and costing around £3.8 billion annually.
The round was advised by Adelpha, a female-led corporate adviser private investment network which specialises in high growth, tech-enabled UK companies with a positive social and environmental impact.
Enertechnos has received backing from several government programmes, and is currently working with the Department for Business, Energy and Industrial Strategy to revolutionise electric vehicle charge times.
Enertechnos’ transformational CTS technology will soon be deployed by network operator Western Power Distribution (WPD) in a real-world trial.