tem. funding news – UK-based tem. Secures £10.5 Million in Series A Funding

tem.'s in-house algorithm instantly connects companies with producers of renewable energy. The AI engine of tem. processes 1.8 billion matches per second to predict changes in the supply and demand for energy. This method avoids the inefficient wholesale market and offers businesses 100% traceable, renewable energy with potential cost savings of up to 25% off energy bills.

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Joe McDonald, tem. CEO and co-founder said,“Small and medium-sized businesses are critical in tackling climate change and are desperate for energy they can trust after seeing their bills soar by 124 per cent during the recent energy crisis. We built tem. so that any UK business can get affordable energy while powering the clean energy transition from their doorstep,”.

With its unique ability to link companies directly with the nation's expanding network of over 22,000 small, medium, and large renewable generators, tem.'s platform is well-positioned for this growth. This recently decentralized supply comes from a variety of sources, including family-owned solar parks, massive wind farms, and nearby weirs that provide hydropower.

However, the only companies that have been able to really profit thus far are megacorporations, who are able to directly negotiate complicated Power Purchase Agreements (PPAs) with these generators. Purchasing energy from the wholesale market is the only viable alternative for 99 percent of UK firms, who have been doing so since the 1980s.

This is an opaque, inefficient, and volatile market where businesses lack meaningful transparency or control over their energy mix, and intermediaries pocket £1.65 billion in transaction fees annually at the expense of the end user.

Leading the investment was Atomico, with involvement from current investors AlbionVC and Revent, as well as well-known angels Holly and Sam Branson, as well as CPO Nilan Peiris and CTO Harsh Sinha of Wise. Terese Hougaard, an Atomico Partner, will become tem.'s board member as part of this round.

Atomico partner Terese Hougaard added: “tem. has not only seen impressive growth to date; the future potential is massive with $1trn in direct renewable energy transactions to unlock globally. With their deep energy experience and expertise from Limejump and Shell, nobody is better placed than Joe, Jason, Ross and Bartek to seize this opportunity.”

About tem.

tem. in 2021, their group set out to completely transform the purchasing, selling, and utilization of renewable energy. To assist any business in avoiding Big Energy and Big Energy pricing, they developed Renewable Energy Direct (RED). Their energy transactions platform is specifically designed to match companies with a variety of renewable energy producers at the ideal time, resulting in 100% traceability and more equitable rates for everybody.