tem. Secures £10.5 Million for Renewable Energy Innovation
London, United Kingdom, witnessed a significant advancement in the renewable energy sector with tem.'s recent accomplishment of securing £10.5 million in a Series A funding round. Founded in 2021 by former Limejump employees Joe McDonald, Jason Stocks, Bartlomiej Szostek, and Ross Mackay, tem. is an innovative AI transactions platform. The company facilitates UK businesses in procuring energy directly from renewable generators at rates lower than traditional fossil fuels. The investment, led by European VC Atomico, with support from existing investors such as AlbionVC and Revent, is set to speed up tem.'s ambitious plan to revolutionize the energy landscape across the UK, ultimately emphasizing the collective goal of achieving a cleaner, more sustainable energy future.
The timing of this investment is particularly crucial as the global economy intensifies its efforts to meet the 2050 climate targets, amidst rising oil and gas prices.
Over the past year, UK businesses have faced extraordinary price hikes, witnessing electricity prices soaring by 63% and gas prices escalating by 124%. This urgent situation underscores the necessity for reliable and affordable energy sources. In this context, tem.’s innovative algorithm stands out by connecting businesses with renewable energy generators in real-time. With the capacity to process a staggering 1.8 billion matches per second, tem.'s AI engine is not only optimizing energy procurement but is also offering businesses the potential to save up to 25% on their energy bills while ensuring that the energy they receive is fully traceable and sourced from renewable means.
Among tem.’s growing list of clients is the renowned British racing track, Silverstone. According to Stephane Bazire, the Head of Business Sustainability at Silverstone, partnering with tem. has resulted in considerable savings on their energy costs, reinforcing their commitment to sustainability. As the UK progresses toward expanding its renewable energy capacity, with renewables constituting roughly 40% of the electricity mix in 2023—up from just 2.8% at the beginning of the millennium—tem. finds itself uniquely positioned to take advantage of this shift. There exists a substantial opportunity for tem. to democratize access to renewable energy, moving away from a system primarily benefiting megacorporations to one that empowers small and medium-sized businesses, thus playing an essential role in the overall clean energy transition.
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