Mixergy secures £9.2m investment to support new R&D centre

By Sam Pither

28 March 2023

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Oxfordshire-based hot water tank and heat pump specialist Mixergy has secured a £9.2 million investment.

The funds will be used to support a new research & development centre at its Oxfordshire headquarters, which will help it to further develop its home energy and heat storage technology, along with expanding internationally.

The funding round introduced EDP Ventures and Nesta as new investors, which join the company’s existing shareholders: Oxford Science Enterprises, Kiko Ventures, Foresight WAE Technology and Centrica.

Mixergy combines a patented, top-down approach to heating which uses thermal stratification to focus heat on what is needed with sensing and control capabilities to turn hot water tanks into smart heat batteries able to connect to any energy source. The company says it will be able to deliver a 95 per cent reduction in CO2 in homes.

Peter Armstrong,CEO of Mixergy, said: "We’re thrilled with this investment and pleased to welcome our new investors, EDP Ventures and Nesta. EDP Ventures is one of the biggest energy providers in southern Europe and their arrival is a catalyst for Mixergy’s expansion across Portugal and Spain, where we see great product market fit alongside solar PV.

“Nesta brings considerable experience to this sector alongside an emphasis on social impact which complements our drive to address fuel poverty whilst reducing carbon emissions. I would like to thank our existing shareholders, OSE, IPG, Foresight, and Centrica who continue to back our mission, as well as our incredible team at Mixergy who are making this journey happen."

Luís Manuel,Managing Partner at EDP Ventures, said: “We’re very excited to be joining Mixergy on their mission to improve energy efficiency at residential level and support the company’s growth plans.

“Distributed energy resources and decarbonization are two domains at the heart of what we do here at EDP Ventures, and Mixergy’s technology is fully aligned with both: a smart and connected hot water tank that acts as a home battery, providing faster water heating and harnessing solar power. As such, we look forward to supporting Mixergy in the future, with the rollout of its products across EDP’s markets.”

Leo Chandler,Investment Manager at Nesta, said: "We are delighted to support the Mixergy team in the next phase of their growth journey. Nesta's goal is to accelerate the decarbonisation of households and we see Mixergy as an exciting and critical solution that can help deliver this."

By Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset.

A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise.

Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.