London: tem, a pioneering renewable energy startup, announced today that it has successfully raised £2.5 million in seed funding in a round led by AlbionVC, a prominent venture capital firm.
The funding will be utilized to expand the tem team, further develop their innovative AI-driven platform, and open it up to a wider customer base.
tem aims to address one of the most critical challenges faced by energy generators and buyers—matching supply with demand efficiently. By leveraging artificial intelligence, their groundbreaking platform identifies optimal matches between businesses and renewable energy generators. Unlike traditional markets, tem’s platform manages the entire transaction process directly, eliminating the need for intermediaries.
“We’re thrilled to have secured this investment from such well-regarded investors, which will allow us to expand our team, accelerate the development of our technology, and bring it to even more customers throughout 2023,” said Joe McDonald, CEO of tem. “With their support, 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impact on the energy markets and build a platform for renewable commodity transactions globally, replacing the outdated energy trading companies and helping our customers reduce their carbon footprint while saving money on their energy bills.”
The funding round was led by AlbionVC, whose investment director, Adam Chirkowski, expressed excitement about tem’s potential to disrupt the global energy markets. “Similar to when FinTechs overhauled an industry that was crying out for modernization, tem has the opportunity to disrupt one of the largest global markets and ensure renewable generation does not fall into the same antiquated energy system as fossil fuel-driven transactions,” Chirkowski said. “We’re excited to be backing tem and the team, who possess a rare combination of skills and experience with the potential to revolutionize the energy markets. We’re excited to support them on the journey as they continue to scale.”
tem’s innovative technology empowers businesses to bypass inefficient energy market transactions and purchase energy directly from renewable generators. By reimagining the entire transaction process, tem offers a streamlined and transparent solution. Since its launch in October 2022, tem has already facilitated over £10 million in energy transactions in the United Kingdom alone. The company’s ambitious goal is to scale up to 100 GW of annualized renewables contracted.
With the seed funding in place, tem is well-positioned to expand its operations, enhance its platform’s capabilities, and meet the growing demand for sustainable energy solutions. By reshaping the energy markets and providing a platform for renewable commodity transactions globally, tem aims to contribute significantly to reducing carbon emissions and building a more sustainable future.
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