Higgs LLP continued its support of cleantech start-up Grid Edge as the business closed on a further £2m funding round.
Higgs’ tech and high-growth team, led by Jamie Partington, advised Grid Edge on the latest injection, which will accelerate the company’s mission to reduce the carbon footprint of the built environment.
Higgs has worked alongside Grid Edge throughout its journey to date, including seed investments and an original £2.5m Series A funding round in 2019.
The latest round was closed with participation from bp ventures, Goldacre (part of the Noé Group) and Aston University.
Jamie said: “I was extremely pleased to work with the founders of Grid Edge and advise them on this latest round of funding as the business scales up and enters an exciting new phase.
“The funding provides a platform for the business to mature over the next 18-24 months. It will enable the company to reach more customers, develop more products and further grow its skilled team.
“Higgs has built a strong relationship with Grid Edge and we were able to guide them through the investment process from start to finish.”
Grid Edge enjoys partnerships with major British property development and investment company Hammerson PLC and the Royal Opera House, as well as SmartestEnergy and Marubeni in the commercial building sector.
The additional funding recognises the value and growth Grid Edge has continued to deliver despite the significant impact of the pandemic on its core market, including shopping centres, airports and universities.
Grid Edge was spun out of Aston University’s Energy Research Institute in 2016 by friends Tom Anderson, Jim Scott and Daniel Wright.
Grid Edge’s cloud-based software anticipates a building’s energy demand, allowing building managers to reduce their energy costs and carbon emissions, while maintaining comfort for users.
Using data including weather forecasts and expected occupancy, Grid Edge’s predictive energy management technology enables customers to adapt their energy use, leverage periods of high renewable power generation, and effectively use their building’s flexibility in energy demand and generation like a giant battery, to reduce costs and carbon emissions.
The technology typically enables customers to lower carbon emissions by 10 to 15%, with some registering a reduction of more than 30%.
Tom Anderson, co-founder at Grid Edge, said: “This funding round further strengthens our collaboration with bp, Goldacre and Aston University, who have shown equal ambitions in accelerating the growth of Grid Edge.
“Jamie and the team at Higgs have provided invaluable support in guiding us through multiple investment rounds.”
Following COP26, the critical importance of reducing carbon emissions has never been more widely recognised. Commercial buildings make up 40% of global carbon emissions.
