Ombu Group, a UK-based investment company focused on backing and building UK advanced technology companies, has invested a further 5 million pounds ($8 million) into energy demand management solutions provider Open Energi. This increases Ombu’s total commitment of growth capital into the company to 9 million pounds and will enable Open Energi to expand its business in the UK and overseas.
Ombu Group (“Ombu”), the new UK investment company focused on backing and building UK advanced technology companies, announces that it has invested a further £5 million into Open Energi (“Open Energi” or “the Company”). This increases Ombu’s total commitment of growth capital into the Company to £9 million and will enable Open Energi to expand its business in the UK and overseas.
Open Energi is the leading provider of energy demand management solutions, offering the most efficient, profitable and comprehensive solutions on the market. It works closely with energy users to unlock new revenues through a smart approach to managing their energy loads. The Company’s solution includes Open Dynamic Demand™, a technology unique to Open Energi.
Open Dynamic Demand™ is an energy demand management solution that reacts instantaneously to second-by-second changes in the balance between supply and demand on the electricity grid and contributes to keeping the grid in balance. It makes subtle adjustments to the demand for electricity by automatically altering the timing of an appliance’s electrical consumption. Because it offers the fastest response to imbalances in electricity supply and demand it also generates the highest returns.
Open Dynamic Demand™ works with stored energy devices including refrigerators, heating and ventilation systems, air conditioning units, water heaters and industrial processes. Straightforward to install, it requires no behavioural change and has no impact on energy users’ consumption or operational performance. It can be quickly and simply retrofitted to a customer’s existing control systems without impacting performance. In addition, Open Dynamic Demand™ can be installed in an electrical appliance at the point of production in partnership with appliance manufacturers.
Commenting on the investment, Stephen Brooke, CEO of Ombu Group said: “Open Energi has tremendous potential having developed the market-leading energy demand management solution that has now created new revenue streams for a number of customers across a range of sectors. Ombu has worked very closely with Open Energi since we first invested last year in partnership with a new and dynamic leadership team, driving transformation in the business with the development of a new strategy, a new brand, and a new approach to the market. We are committed to providing the capital and management support Open Energi needs to succeed and grow.”
David Stevenson, CEO of Open Energi, added: “We now have a growing customer base of energy users who are generating new revenues through adopting our solution. The relationship with Ombu has been integral to our success. We have found a partner who is not only funding us but is also helping us develop as a business and has already provided an invaluable amount of expert guidance and advice. Demand for our technology and product will continue to increase. We look forward to building on recent progress and growing in partnership with Ombu.”
For further information, please visit: www.openenergi.com or contact:
Stephen Brooke, CEO
Tel: + 44 (0) 20 7752 0865
John West / Teresa Towner
Tel: +44 (0)20 7920 3150
Dave Stevenson, CEO Tel: +44 (0)20 3051 0600
Notes to Editors:
Ombu is a UK investment company that partners with outstanding business leaders to help them build world-class, advanced technology businesses. Ombu provides capital and management support to fast-growing companies in the fields of industrial technology, energy technology and water technology.
About Open Energi:
Open Energi is the leading provider of energy demand management solutions, offering the most efficient, profitable and comprehensive solutions on the market and working with energy users to unlock the highest possible revenues in the simplest and most efficient way.