UK releases new smart grid paper as specialist continues to raise funds

While the UK government this week produced a new document aiming at developing the country’s smart grid sector, London-based Tempus energy announced winning an additional à‚£3.78m in funding to bring its investment in Smart Grid technology to a total of à‚£5m.

According to the company, demand flexibility and balancing technologies could deliver savings of between à‚£8bn and à‚£17bn a year by 2050. Tempus’s funding drive is aimed at capitalising on the British government’s strategy to facilitate more than 53 million smart meters being deployed in homes and small businesses across Great Britain by 2020.

The government has said it wants to see wider use of energy storage and smart demand management systems, which automatically seek to better match supply and demand, primarily by curbing demand during peak periods.

Last week, the Department of Energy and Climate Change announced plans for a new consultation on how to build a “smart energy system”.

Business Green reports that there has been heavy criticism by industry chiefs about the lack of support for the sector to date with the government handing out ofà‚£650m of subsidies to conventional power generators through its capacity market auction being cited as a case in point, while handing just à‚£8m to innovative demand response schemes.

The latest funding for Tempus was secured from high net worth individuals and existing shareholders.

Tempus technology makes use of algorithms, a smart trading platform, advances in smart controls, internet of things technologies, storage and smart meters to help customers harness flexible thermal load in their own assets and building management systems to slash their electricity bills.

Hugo Van Vredenburch, non-executive chair of the Tempus Energy board (right), said, “Our innovative business model has created a competitive offer in the UK energy market for flexible business customers and the next 12 months will see a disciplined and determined push for profitability in the UK, the launch of a US business, and a more competitive European energy market.”

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