Upside Energy, a Manchester company which has developed a cloud-based platform to link connected devices to energy solutions has received £5.5m of funding.
The majority of the cash comes from Legal & General Capital and SystemIQ, with further investment from Modern Energy.
Upside’s technology uses advanced algorithms and artificial intelligence to coordinate connected devices to deliver services to the energy system. The platform can connect suppliers and users of energy to take advantage of the cheaper renewable options. They can also earn revenue by changing their energy demands to solve imbalances across the energy grid.
This could have an impact upon a number of Legal & General’s own property-backed businesses:
“Alongside investing in the creation of long term clean energy generating assets in solar and onshore wind, we are investing in complementary technology that together will be essential in delivering an affordable clean energy system to UK consumers. I am therefore delighted to be working with Upside Energy and some of the UK’s brightest talent in software development, united by a mission to make clean, affordable energy, available to all,” explained John Bromley, head of clean energy at Legal & General Capital.
“We aim to create long-term social and economic value by investing in the future of our energy system. Ultimately we will enable UK consumers to enjoy affordable clean energy that is owned and financed by their UK pensions, savings and investments.”
The system has been undergoing development and testing for the last 3 years, alongside the government and universities. The product is now ready to be rolled out to the wider market.
“This is the culmination of four years of hard work since we entered the Nesta Dynamic Demand Challenge, sponsored by National Grid back in 2013. We’ve taken Upside Energy’s cloud platform from a wild and speculative idea to a solid, innovative solution to help people harness the opportunities created by the confluence of two trends: the growth of renewable generation and the rise of smart devices. Our vision is to create a new, cleaner and more equitable, energy system. This partnership with Legal & General Capital, SYSTEMIQ and Modern Energy will help us realise that vision,” said Graham Oakes, Upside’s founder and chief scientist.
