A startup business focusing on smart energy industry has recently secured over £5.5 million in investment. Upside Energy, based in Manchester has gained the financial support to expand it’s team and improve its process of commercialisation and deployment of its cloud-based smart grid platform.
Upside energy uses a platform that aggregates stored energy in our everyday connected devices i.e. batteries, electrical devices. This creates a completely virtual energy store that can be utilised when necessary.
National Grid is the first customer for Upside Energy and they plan to use the technology to improve the balance between energy supply and demand of renewable sources. The new system would allow households and businesses to save on energy costs or even earn revenue by avoiding using energy during peak periods.
The CEO of Upside Energy emphasised that the business was to try to create a flexible system for the demand side by considering all assets used by businesses and homes, the available electrical devices that store energy and connecting those devices to the Internet of Things systems. The CEO highlights that these operations can be controlled effectively and be switched on and off very quickly. Having the ability to control supply to the grid so quickly means the business can provide a very effective service for a grid operator, balancing the supply and demand of electricity.
The company has recently received backing from the investment group Legal & General Capital as well as SYSTEMIQ.