A Hampshire business looking to create new jobs whilst having a positive impact on the environment has successfully secured £400,000 of funding to help realise these goals.
MeasureMyEnergy, which is relocating to the Winchester area, has developed proprietary technology which enables companies to measure the amount of energy they are using. Their technology includes both hardware and software, which combine to give a detailed and sophisticated account of utility consumption.
High energy prices, coupled with legislation pressures, have resulted in an increased need for businesses to ensure their energy usage is fully auditable. MeasureMyEnergy offers this to a highly specific level, allowing customers to view exactly where their energy is being used, right down to a circuit or appliance level.
The company, which has just entered its fourth year of trading, has gained a stream of high profile clients in the UK including Hilton Hotel Group, Royal Opera House, some well-known retailers and a high street bank and is now seeking to replicate this success internationally.
CEO, Ben Murphy, says: “MeasureMyEnergy was borne out of my frustration at unaccountably large energy bills. I wanted to be able to answer the basic question of what, exactly, was consuming the energy that I was using. After a period of research and development I had a system that was capable of answering this. It is clearly a question that many businesses wish to resolve and we have already experienced high demand for our technology. We are now ready to grow the business to meet this demand worldwide, and are excited to have gained the finance we need to accomplish this.”
The FSE Group, which manages a series of funds to support businesses during different stages of their growth, is now supporting MeasureMyEnergy with a £200,000 Enterprise M3 Expansion Loan, together with a further £200,000 South East Sustainability Loan, which is available to companies developing or selling a product or service that looks to reduce carbon emissions.
These funds will enable the company to achieve the planned growth through various activities including further product development, sales and marketing, office relocation and hiring of new staff. Around 30 new jobs will be created initially, with an intention to make this around 100 overall in 2017.
The Enterprise M3 Expansion Loan Scheme is part of the Enterprise M3 Funding Escalator, a £5.5m initiative funded by Enterprise M3 Local Enterprise Partnership. The escalator, which also includes a growth equity fund, provides eligible companies with loans and equity funding between £50,000 and £200,000 for activities that will deliver high-growth and employment opportunities.
James Edwards, Senior Fund Manager at The FSE Group comments: “The MeasureMyEnergy team has created a solution to a problem experienced by businesses across the UK and beyond. The growth opportunity is significant and they are positioning themselves to fully exploit this. We are delighted to be funding them to meet their goals, taking on substantial numbers of new staff and engaging in activity that will contribute to carbon reduction globally.”
For more information about the Enterprise M3 Funding Escalator please visit www.thefsegroup.com/enterprise-m3-funding-escalator or contact James Edwards at firstname.lastname@example.org tel: 01276 608531.