Energy traceability startup Enosi has raised $1.48 million, as consumer sentiment and ever-dropping prices drive demand for renewable power sources.
Founded in 2018 by former IBM global smart grid systems lead Steve Hoy, Enosi allows organisations and individuals to see exactly where the energy they’re using is at any given time.
Through its flagship Powertracer product, customers can identify the times at which their energy comes from renewable sources, and the price they’re paying for that energy, allowing them to tailor their use around that.
The funding comes from ASX-listed ReNu Energy as well as cleantech advisory firm Energy Estate, Artesian Clean Energy Seed Fund, plus a number of angel investors.
Get daily business news.
The latest stories, funding information, and expert advice. Free to sign up.
A large property developer has also invested, but has not been named.
Hoy calls the tech the “missing link” in allowing people to drive down their carbon footprint to hit what he calls ‘true zero’, as opposed to ‘net zero’ — not purchasing any fossil fuel energy at all.
Demand for renewable energy is growing
The founder is not alone in this mission — we’re currently seeing a worldwide movement towards 24/7 carbon-free energy.
Last month, a global group of energy buyers, suppliers, and solution providers, as well as various governments and the UN, partnered to launch the 24/7 Carbon-free Energy Compact, an effort to decarbonise electricity grids.
As part of the initiative, Google, for example, has committed to power its huge data centres with 100% renewable energy by 2030.
Momentum is building, Hoy tells SmartCompany.
“The market is getting bigger for us very quickly.”
Hoy doesn’t share revenue growth figures, but he does say that since Enosi launched the second iteration of Powertracer last year, its growth rate has accelerated considerably.
He measures growth in terms of market penetration. A year ago, about 5% of energy providers offered Powertracer to their customers. Today that’s more than 60%, he says.
“We shifted the technology focus to something that was 100% scalable,” he explains.
“Then we got the attention of some of the big retailers.”
What’s next for Enosi?
This space has changed considerably over the past three years. A focus on climate impact and sustainability is driving demand for renewable energy. At the same time, renewable energy is becoming cheaper than fossil fuel energy.
There has “undoubtedly” been a shift in mindset, Hoy says.
Consumers and businesses are not only choosing renewable energy because it’s good for the planet. It’s a good economical choice too.
The partnerships the business has secured with some of the big energy retailers, and investment from the likes of ReNu Energy, shows that the industry as a whole is moving in this direction too.
These investors also bring deep expertise in the energy sector. They will use the product and promote it, and get it in front of their own retail customers.
Hoy and the team are now focusing on a “consolidation phase”, cementing some of its partnerships and focusing on perfecting the customers experience.
In 2022, they’re looking to expand internationally, with a focus on the US, the UK and Asia.
“We’re in that phase of growth now,” he says.
“What we’re looking for is strategic help.”