Igloo Energy secures strategic investment of up to £20 miliion

by Startacus Admin

Major investment news for challenger energy supplier Igloo Energy who have secured strategic investment of up to £20 million.

Good news for challenger energy supplier, Igloo Energy, with the announcement that it is receiving a strategic investment of up to £20 million from global integrated utility company Osaka Gas, in exchange for a minority stake in the company.

Igloo was founded in 2017 with a mission of disrupting the traditional energy supply model. The startup has a proposition focussed on actively helping customers use less. Igloo uses smart home technology to track customers’ energy use and deliver clear personalised energy efficiency recommendations. This helps bill payers reduce the cost of heating and powering their homes. We previously reported that Igloo had raised £600k in Feb 2019.

This investment will fast-track the development of Igloo’s pioneering home services arm, Igloo Works, aimed at seamlessly reducing how much energy Igloo's customers use at home as well as accelerating Igloo’s already rapid growth

The startup’s single variable rate tariff ensures that all customers receive the same best rate for their power and gas. Having grown rapidly, Igloo now supplies over 85,000 residential customers across the UK. In September, Igloo launched its ground-breaking home services marketplace Igloo Works, to support the roll out of smart thermostats and hybrid heating technology to UK homes. By analysing energy consumption data and understanding how individual homes use energy, Igloo Works provides a bespoke recommendation for the solution that best meets the needs of a home.

With heating in UK homes accounting for c.14% of total UK carbon emissions and with a changing climate change policy landscape and the UK targeting Net Zero Carbon by 2050, recent analysis from Policy Connect indicates that if the UK is to meet its climate change goals, this innovative startup could not be more timely.

CEO and Co-founder of Igloo Energy, Matt Clemow, said:

“Helping customers transition away fossil fuels to heat their homes is a critical aspect of how we reduce the impact of climate change. As an energy supplier who always puts its customers first, we are in a privileged position to help them do just that.

“This deal is a strategic investment for Osaka Gas and their experience in rolling out alternative heating technology to consumers’ homes at scale will be invaluable to Igloo as we undertake to do the same in the UK.”

Matt added “We’re delighted to be working with a strategic partner who shares our vision for the future of energy allied with the scale and experience to help us achieve our ambitions.”

Congrats team Igloo!

Subscribe to our newsletter

If you would like to receive our startup themed newsletter, full of the latest startup opportunities, events, news, stories, tips and advice, then sign up here.

• #investment
• #
• #energy
• #environment
• #igloo energy

Published on: 10th December 2019