Tem, a renewable energy platform, has successfully raised £10.5m, partnering with notable investors.
- This funding round was spearheaded by Atomico, with contributions from AlbionVC, Revent, and Wise’s CTO and CPO.
- Tem aims to transform the energy sector by connecting businesses directly with over 22,000 renewable energy generators.
- Silverstone benefits from Tem’s platform, noting reduced costs and enhanced sustainability.
- Founded in 2021, Tem is revolutionising energy access with proprietary AI technology.
Tem, a London-based renewable energy platform, has secured a £10.5 million investment round, aligning itself with prominent venture capital firm Atomico, as well as AlbionVC and Revent. This funding initiative also attracted influential figures such as Harsh Sinha, CTO, and Nilan Peiris, CPO of fintech company Wise. The infusion of capital elevates Tem’s total funding to £13 million, underscoring its growing influence in the energy sector.
Tem’s business model is centred around an AI-driven transactions platform that aims to transform how UK businesses procure energy. By facilitating direct connections with a robust network of over 22,000 renewable energy generators, Tem is striving to eliminate inefficiencies in the traditional wholesale market. This approach not only offers businesses potential cost savings but also ensures access to 100% traceable, renewable energy.
The platform’s AI engine is capable of processing 1.8 billion matches per second, allowing for real-time forecasting of energy supply and demand. This technological advancement positions Tem at the forefront of the clean energy transition, providing a valuable tool for businesses to manage their energy needs more sustainably.
Among its prominent partners, the British Grand Prix venue at Silverstone has reported significant benefits from using Tem’s platform. Silverstone has achieved lower energy costs while simultaneously supporting renewable energy sectors, thus reducing its carbon footprint. This partnership highlights the mutual benefits for both energy providers and consumers within Tem’s ecosystem.
Founded in 2021 by CEO Joe McDonald, Tem was established in response to the energy crisis, with a vision to equip small and medium-sized enterprises with reliable and affordable energy solutions. McDonald emphasises the critical role that these businesses play in addressing climate change, aiming to empower them with accessible energy solutions.
With strategic investments and cutting-edge technology, Tem is poised to drive significant advances in the renewable energy landscape.
