Clean Energy | June 14, 2023

Tem. raises £2.5 million to streamline renewable energy transactions for smaller buyers

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, June 14 — The end of the pandemic and Russia’s invasion of Ukraine caused energy costs to spike in the UK. Dozens of small energy companies went bust, raising prices further for small businesses and consumers.

Former energy trader Joe McDonald created Tem. to match small businesses with renewable energy suppliers, and lower their bills by as much as 10-fold. The AI-based platform handles invoicing, payments and customer management to replace “the outdated energy trading companies and help our customers reduce their carbon footprint while saving money on their energy bills,” McDonald says.

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Tem.’s seed round, led by European B2B investor AlbionVC “will allow us to bring our technology to more customers,” said McDonald. Purpose-driven venture fund Revent also participated.

Tem. has facilitated over £10 million in energy transactions in the UK. The London-based company plans to expand to Europe and the US as it looks to unlock $1 trillion in renewable energy transactions by 2030.