A strategic partnership with Silverstone and Tem’s innovative funding boosts UK renewable energy efforts.
- Tem partners with Atomico for a significant £10.5m funding round to drive growth.
- Notable investors include AlbionVC, Revent, and tech leaders Harsh Sinha and Nilan Peiris.
- Tem’s AI platform revolutionises energy market by efficiently matching businesses with renewable energy sources.
- Tem’s initiative helps UK businesses access affordable, traceable renewable energy amidst rising energy costs.
The renowned Silverstone racing circuit has become a pivotal player in advancing the UK’s renewable energy landscape. Tem, a London-based company, partners with Silverstone and secures £10.5 million in funding to enhance its renewable energy platform. This financial boost was chiefly led by Atomico, a prominent European venture capital firm, alongside participation from existing investors AlbionVC and Revent. Holly Branson, Sam Branson, as well as Wise’s Chief Technology Officer Harsh Sinha and Chief Product Officer Nilan Peiris, have also contributed to the funding.
Tem’s strategy addresses the urgent need for reliable and affordable energy solutions for businesses across the UK. The company has developed an AI-driven platform that ensures small and medium-sized enterprises can obtain dependable energy, especially after recent spikes in energy prices. According to Joe McDonald, co-founder and CEO of Tem, these businesses are crucial in combating climate change, emphasising their demand for trustworthy energy sources.
The innovative platform created by Tem utilises a proprietary algorithm, facilitating real-time connections between businesses and over 22,000 renewable energy generators nationally. By processing an impressive 1.8 billion matches per second, Tem’s AI technology bypasses traditional wholesale markets, ensuring that all energy provided is 100% traceable and renewable. This system not only enhances cost efficiency for its customers but also channels more revenue towards renewable energy producers.
Silverstone, one of Tem’s notable clients, reports significant cost savings by using fully traceable renewable energy through this platform. The partnership with Tem has allowed Silverstone to reduce its carbon footprint effectively while financially supporting the renewable energy sector. This collaboration exemplifies the potential for other businesses to embrace sustainable energy practices, benefiting both economically and environmentally.
The Tem and Silverstone partnership exemplifies a transformative solution for renewable energy adoption, promising optimism for climate change mitigation.
