UK

Climate Tech Startup Nusku Secures £1Million in Funding – FUNDING NEWS

May 2, 2024 | By Startup Rise EU

Bristol-based climate tech startup Nusku secures £1million in funding including a grant of more than £700,000 from the Government.

SUMMARY

  • Ex-Dyson engineer formed Bristol-based climate tech business Nusku raises £1 million for less expensive heat pumps

Bristol-based climate tech startup Nusku secures £1million in funding including a grant of more than £700,000 from the Government.

It’s a major boost for Nusku – a company formed in 2022 after a casual chat over coffee about why heat pumps aren’t more popular led to its founder Russell Murchie taking a leap of faith and leaving his job at Dyson to tackle the problem head-on.

Two years later and Nusku has six employees, a workshop and office space at Future Space – the University of the West of England’s innovation centre – and now a huge funding injection thanks to a £727,000 grant from the Department for Energy Security & Net Zero (DESNZ).

Read also - Jobseeking Platform Pollen Careers Secures £112,000 in Pre-Seed Funding – FUNDING NEWS

This follows £245,000 of pre-seed funding from key people within the energy sector, including Kate and Andy Rankin, the founders of Midsummer Energy, one of the UK's leading wholesale distributors of renewable energy systems; Lee Sutton, Founder of MyEnergi, an award-winning British designer and manufacturer of renewable energy products; and Michael Sweeney and Owen Coyle, the founders of Union Technical, leading installers of heating, insulation and renewables.

Russell Murchie said, "It’s been a whirlwind few years building a company from scratch and I’m still pinching myself at what’s been achieved. While we had confidence in our idea, if you’d told me two years ago that we’d raise almost £1 million to develop it, I’d have struggled to believe you. It’s testament to the hard work of the team, who have designed a truly innovative heating system which we feel confident will have mass appeal once it’s on the market. The fact the Government and leading figures from within the industry are backing us is a real vote of confidence.”

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About Nusku

Nusku are a technological start-up with lofty goals to transform home heating in the future. After a coffee-related brainstorming session in 2022, the firm successfully applied for an Innovate UK Fast Start Grant and is currently based at the University of the West of England's Future Space entrepreneurship cluster. Here, the group is engineering the future of home heating with its combined knowledge of product development and the green energy industry.

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