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London Energy tech platform receives £3m in investment

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Energy tech firm Open Energy Market has closed a £3m investment round from Calculus Capital to help further develop its online trading platform for the management of energy contracts. The platform was built to streamline the complicated and antiquated procurement process and to assist medium-large enterprises with the management of their energy contracts.
 
The corporate energy market contracts total £20bn per year, of which 85% are bought using an energy broker, according to Ofgem. However, this market has traditionally suffered from inefficiency and complexity, along with a lack of transparency that has made the energy procurement process a painful and laborious one for customers.
 
For business customers with larger scale energy requirements, picking the right buying strategy and shopping for the best deals is typically a confusing and labour intensive process.  Lack of transparency can also be a problem when it comes to differentiating the best deals on the market. 
 
The Open Energy Market platform brings a level of automation to energy trading, not only transparently engaging and illustrating competition between suppliers, but also capturing and storing the data that makes reporting, forecasting and portfolio management easier. 
 
The platform has already benefited over 200 businesses, such as Dairy Crest, EasyJet, Southampton FC and London Business School, as well as a host of large councils, hospitals and schools.
 
Open Energy Market was launched in 2013 by Chris Maclean and Charles Lass.  Chris is an energy industry expert who had first-hand experience of the inefficiencies associated with the energy brokering market and Charles is a tech entrepreneur with a history of founding and growing tech businesses such as ControlPoint and ViaPost. 
 
The company works with all major providers and will use the injection of funds to increase their team and to implement significant platform developments, including extensions into other commodities and expansion into the US market.
 

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