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Smart home energy platform roll out to accelerate as Heatio secures £2 million investment

Liverpool-based Heatio has successfully secured £2 million in investment, further fuelling the clean-tech startup’s mission to make clean energy more accessible and affordable. 

Heatio with Ascension

Founded in 2022 by Simon Roberts and Thomas Farquhar, Heatio is revolutionising home energy management with smart home energy platform, Heatio Flexx. 

Connected to Heatio’s Virtual Power Plant, the home energy platform optimises and manages renewable technologies like solar panels, heat pumps, EV chargers, and batteries. Using AI and machine learning, Heatio Flexx also provides tailored energy solutions based on the property type and how much energy individual households use, making the property more efficient and enabling consumers to save money on their energy bills. 

The oversubscribed investment round was led by Ascension, with support from a number of co-investors, including Conduit Connect, The Syndicate Room, Baltic Ventures, LYVA Labs, and deep tech investor Neil Norman.

The investment will be used to expand the Heatio team, launch version 2 of the Heatio Flexx app and scale the onboarding process for new customers. 

Supporting project delivery

It will also support Heatio’s delivery of two contracts within the Government’s Net Zero Portfolio. Working with E.ON and Energy Systems Catapult, Heatio will provide a new renewable technology subscription called Energy as a Service (EaaS), in a pilot contract for 350 homes in the North West that will eliminate upfront costs for consumers considering heat pumps, solar PV, or battery storage.

Heatio is also working in partnership with Perenna Bank and Energy Systems Catapult to launch a long-term fixed-rate green mortgage that rewards homeowners with a preferential interest rate for retrofitting their homes with low-carbon technologies, driven by the Heatio Flexx platform. 

Simon Roberts, CEO of Heatio, added: “Our ability to help homeowners access affordable energy via our Flexx platform and virtual power plant drives energy security and helps the UK get to a clean, green future.

“When we launched Heatio two years ago, our priority was to help more consumers access green technology and reduce the use of fossil fuels to decarbonise their homes. Through this investment, we are moving closer to making that a reality. We are looking forward to driving our expansion and working with industry leaders and would like to extend our appreciation to every investor for helping us get where we are today.”

A huge and wicked problem

Jean de Fougerolles, Managing Partner at Ascension, who will also be joining the Heatio board said: “We are thrilled to be supporting Heatio in its mission to reduce energy costs and democratise access to renewable sources of energy for the home. With the typical annual household bill having increased by 49% since pre-crisis levels, the scale of the problem is massive, and Heatio’s innovative solution is uniquely positioned to address it through a partner-based business model that simultaneously helps the UK move towards a Net Zero goal. We look forward to helping the team achieve its vision.”

Alexander Shapiro, Investment Manager at The Conduit EIS Impact Fund, agrees on the scale of the problem: “Decarbonising household energy is a huge and wicked problem – we have been incredibly impressed by the way the Heatio team has created a product that adds value to every stakeholder in a complex market.

“The Conduit EIS Impact Fund is thrilled to have participated in this seed round. Simon and Thomas’ commitment to making renewable energy solutions affordable and accessible for everyone aligns perfectly with our fund’s vision for a sustainable future.

“We very much look forward to supporting Heatio’s mission and contributing to their continued success.” 

Photo shows: Left to Right – Thomas Farquhar, Heatio Co-Founder and CCO, Emma Steele, Partner at Ascension, Jean de Fougerolles, Managing Partner at Ascension, Simon Roberts, Heatio Co-Founder and CEO.

Photo provided by Heatio.