Smart energy firm Gridimp has secured a £250,000 funding injection from the British Business Bank to support its ambitious growth plans.
Gridimp, a Wells-based company specialising in smart energy technology, has successfully acquired £250,000 in debt funding from the British Business Bank’s South West Investment Fund. This financial boost, facilitated by funding partner FSE Group, is intended to help Gridimp expand its operations and capabilities. The South West fund offers loans ranging from £25,000 to £2 million and equity investments up to £5 million, aimed at assisting small and medium-sized enterprises (SMEs) in their growth trajectories.
Richard Ryan, Co-founder and Commercial Director at Gridimp, stated, “The world is moving towards renewable energy and a more efficient and robust energy grid. We are ready to lead the switch over to a modernised system of power distribution and consumption, giving added access to revenue-generating flexibility markets for businesses. We are proud of our products which have come about as a result of collaborations with partners across the globe and are delighted to have received this funding from the South West Investment Fund, which will support our business growth and enable us to employ more staff and move to an office that better suits our needs and growing team.”
Gridimp’s innovative technology allows companies to monitor energy usage in real-time and utilises artificial intelligence to help customers join flexible energy markets to maximise energy efficiency and cost savings. Rob Ward, Investment Manager at the FSE Group, praised the company, noting, “Gridimp is emerging as a market leader in a sector which is undergoing a desperately needed shake-up in terms of sustainability. The dedicated team of engineers, data scientists and energy experts are clearly passionate about what they do and the company’s visionary approach. We were impressed by how easily Gridimp’s technology can be installed and by the value provided to their clients. We wish the team every success for the future and have no doubt about the positive impact they will have on the energy sector.”
Additionally, Paul Jones, Senior Investment Manager at the British Business Bank, remarked, “Supporting local businesses which drive the UK economy’s transition to net zero is integral to the vision for the South West Investment Fund. Businesses like Gridimp demonstrate how technological innovation in the South West is enabling businesses to make informed decisions about how to reduce their carbon footprint and save money in the process.”
Gridimp’s recent funding success marks a pivotal moment for the company as it seeks to expand its workforce and operations, solidifying its position as a leader in the smart energy sector.