Written by Ellie Siviter
Jun 12, 2023
Renewable energy startup, tem. raises £2.5 million to help transform the broken energy market.
tem. allows businesses to bypass inefficient energy market transactions and purchase energy directly from renewable generators by reimagining the entire transaction process
Instead of being forced to buy and sell at marked-up prices set by energy traders, tem.’s platform matches renewable buyers and sellers based on their unique needs, cutting costs by up to 10x
In this way, tem. delivers improved pricing, and customer experience and ensures access to direct, traceable, renewable energy
Since October 2022, tem. has transacted £10m+ in energy transactions in the UK alone and is set to scale to 100 GW of annualised renewables contracted, helping democratise renewable energy and become a key force in the fight against climate change
2023: tem. – the startup taking aim at the systemic failings of the energy sector by reimagining how renewable energy is bought and sold – has raised a £2.5 million Seed funding round, led by Europe’s most experienced B2B investor, AlbionVC. Purpose-driven tech fund, Revent as well as leading fintech angel, Christian Deger (Payworks founder and CEO) also participated.
Direct and traceable energy transactions
tem. is addressing one of the most pressing needs of energy generators and buyers today – automatically matching supply with demand. Its AI-driven platform identifies the best possible matches between businesses and renewable energy generators. It then fully manages the end to end transaction between all parties directly rather than going through traditional markets.
This means, for the first time, businesses of all shapes and sizes, not just big corporations, can bypass inefficient utilities and purchase energy based on their unique needs. Thus democratising greater access to true, traceable, renewable energy, while cutting transaction costs by up to 10x. With tem. SMBs get cheaper and greener energy simply as they would from a traditional utility, whilst energy producers get transparently more money in return .
No-one owns the wind
Until tem. businesses have had no viable alternative to buying and selling energy. The sector is set up to favour traditional energy companies and there’s been little incentive to disrupt this status quo. Yet with spiralling energy prices and rising climate change, the inequity and inefficiencies have been thrust into the spotlight. This, coupled with the continued rise of renewable generation globally, means there is now real opportunity and impetus to democratise access in order to fix the broken system.
As has been demonstrated by tem.’s early traction. Having only launched its MVP in October 2022, tem. has already transacted more than £10 million in energy transactions in the UK alone, securing its customers better, fairer prices with a significantly enhanced customer experience.
tem.’s ultimate aim is to unlock direct, traceable, renewable energy at improved prices for all socially minded organisations with the potential to unlock $1Tn in direct renewable energy transactions globally and save 390m tonnes of additional CO2 by 2030 through faster adoption of renewable generation worldwide.
Rare combination of skills
Having played leading roles in the growth and exit of Limejump – an energy tech startup acquired by Shell in 2019, the four tem. founders possess a rare combination of energy markets experience, software development and FinTech expertise which leaves the company uniquely positioned to take advantage of the substantial opportunity in front of it.
The funds raised will be spent on expanding the team, improving the product and opening up the currently oversubscribed platform to many more customers in 2023.
"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 tem.’s founder and CEO Joe McDonald. “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 to reduce their carbon footprint while saving money on their energy bills."
Adam Chirkowski, Investment Director AlbionVC, added: "similar to when FinTechs overhauled an industry that was crying out for modernisation, 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. We're excited to be backing tem. and the team who possess a rare combination of skills and experience with the potential to revolutionise the energy markets. We’re excited to support them on the journey as they continue to scale."
tem. is enabling businesses of all shapes and sizes to bypass the current inefficient energy transaction market and purchase directly from renewable generators. In order to deliver improved pricing, customer experience and democratise access to true, traceable, renewable energy. Founded by experienced energy operators, developers and fintech leaders, and backed by some of Europe’s most experienced and renowned investors AlbionVC and Revent, tem. is on a mission to unlock $1Tn in direct renewable energy transactions globally and save 390m tonnes of additional CO2 by 2030.