Smart energy pioneer geo makes key acquisition and raises fresh funds
Cambridge UK smart energy business geo has acquired Edinburgh headquartered energy disaggregation specialist ONZO for an undisclosed sum.
The deal forms part of geo’s strategy to accelerate delivery of its Whole Home Optimisation vision across the UK and Europe and enhances households’ ability to manage energy costs and cut CO2 emissions.
At the same time, geo has revealed the successful conclusion of a strategic funding round, allowing the business to further accelerate delivery of its plan. Again no figures are being release due to what the company calls “market sensitivity issues.”
ONZO’s energy disaggregation technology details exactly how devices in homes consume energy and drive energy bills. By adding this extra intelligence to geo’s market-leading Whole Home Optimisation capability, which uses machine learning to enable homes to fully exploit their energy tariff, households will now be able to automatically obtain the biggest possible energy savings, whilst minimising waste and household carbon emissions.
geo’s technology is being provided to around 50 per cent of UK homes under the Government’s smart meter rollout, as well as to tens of thousands of homes in the Netherlands and Nordics, in the form of in-home energy displays.
ONZO’s service is currently used in a quarter of a million homes with more than 7,000 new users joining monthly. This significant footprint represents a crucial foundation from which to realise the full benefits of smart meter deployment.
Steve Cunningham, chief executive officer at geo said: “It’s great to be joined by the innovative and creative team at ONZO. Combining our two businesses adds real strength to geo’s expertise and extends our leadership in the Energy IoT and data science environments.
“It also allows us to provide even greater savings to the millions of geo and ONZO customers across Europe.
“2021 is going to be an exciting time for geo and our partners: we commenced the delivery of our new EV charging and home heating optimisation capabilities earlier in the year.
“And as we complete the integration of ONZO’s capabilities, we will introduce the ability for the millions of households to automatically reduce their energy consumption further still through Whole Home Optimisation.
“We’re looking forward to being able to bring even greater benefits from our combined offering to geo and ONZO’s existing customers and to helping our industry partners lead the way in the race to achieve Net Zero.”
geo also announced the conclusion of a successful but unspecified funding round. The raise will see strategic investors the Low Carbon Investment Fund, Schneider Electric and West Coast Capital join the business and will allow geo to accelerate its mission to enable every home to achieve energy and carbon savings through Whole Home Optimisation.
Cunningham said: “We are pleased to welcome our new investors, including the Low Carbon Investment Fund, Schneider Electric and West Coast Capital, to our business as we set out on the next step of geo’s journey.
“Each brings a unique set of capabilities and perspectives with them, which will collectively allow us to accelerate the deployment of our Whole Home Optimisation system across the UK and Europe.