Edinburgh-based start-up OnGen has raised £250k for a new green energy assessment tool which goes live today.
Their online platform aims to cut energy bills for businesses through offering in-depth feasibility assessments of different renewable and low carbon technologies.
It is targeted at the public sector and high energy users who will be able to access and use the company’s simple to use on-line tool.
Wood Group chairman Ian Marchant is one of a number of early investors in the firm.
OnGen has been set up by energy experts Chris Trigg, Andrew Bright and Jonny Clark – who are inviting further finance, in line with the business plan to continue the growth of the company.
“Green energy subsidies have reduced radically in the last 12 months however organisations can still make significant savings on annual bills by deploying the right mix of renewable energy technologies to offset externally derived sources of energy,” says Chris Trigg, OnGen Managing Director.
“However it can be hard to make these decisions if a business is not well versed in the costs and benefits of different sources of energy,” says Trigg, who was a founding director at UK energy supplier Spark Energy.
“At OnGen we have used our own in-depth industry knowledge to develop a simple low-cost user platform which will generate high-quality feasibility assessments of suitable renewable technologies and optimal mix to generate maximum return on investment.”
“It is the only product on the market to compare different technologies optimised against a facility’s energy consumption and available resource.”
“Users will very quickly get the answers they need to make a sound business decision, even with little or no previous technical knowledge,” Trigg says.
Commenting on the new platform, Ian Marchant says:
“Putting reliable information in the hands of consumers is the first step on the road to an energy revolution as I believe that the energy system of the future will be far more decentralised and renewable-focused than our current fossil-based industrialised system.
“However, navigating this transition is not easy and OnGen are developing products that allow all consumers of energy to make informed decisions about the options available to them. OnGen are enabling an energy revolution and I’m delighted to be a part of this.”
OnGen believes the tool is ideal for the public sector, high energy SME users, farmers and funders of renewable projects, and the firm is also exploring the potential to roll out their product overseas.
“We are now seeking second round funding to add new technologies to the platform and expand the team,” Trigg concludes.
MBM Commercial LLP advised OnGen’s board and managed the fundraising.