Renewable power start-up tem. raises USD 3m

UK renewable power-focused start-up tem. has raised GBP 2.5 million (USD 3.20m/EUR 2.92m) in a seed round, securing funds to hire more staff, improve its product and expand its platform for more customers this year.

London-based tem. operates an AI-driven platform that connects renewable energy generators and customers of all sizes, automatically matching supply with demand and managing the entire transaction between the parties.

“We're looking to make a significant, sustainable impact on the energy markets and build a platform for renewable commodity transactions globally, replacing the outdated energy trading companies and helping our customers to reduce their carbon footprint while saving money on their energy bills,” tem.'s chief executive Joe McDonal said in a statement published last week.

The financing round was led by British investment firm Albion Capital with participation from German technology fund Revent and workforce management solutions provider Payworks’ founder Christian Deger.

The company was set up by former team members of Limejump, a UK virtual power plant (VPP) operator that was acquired by Shell in 2019. Launched in October 2022, tem.'s platform has already handled more than GBP 10 million in energy transactions in the UK alone.

(GBP 1 = USD 1.284/EUR 1.171)

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