Two new sign-ups
Green energy firm Ongen raises £500,000
Green energy start-up OnGen has topped £500,000 in total funding following its latest round, with backers including the Scottish Investment Bank and early investor Ian Marchant, the former CEO of Scottish & Southern Energy.
The University of Edinburgh and US firm Energy Edge have signed up for its online platform designed as an energy efficiency tool.
The new funding will enable OnGen to add new technologies to the platform, including energy storage and ground source heat pumps.
Christopher Trigg, CEO, said: “We are seeing growing interest from SMEs, consultancies and the public sector and that’s why we have new investors coming on board.”
Mr Marchant added: “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.”
Kerry Sharp, head of the Scottish Investment Bank, said: “It is good to see one of our investee companies making positive progress. This second funding round will allow the company to expand its product offering, making it more attractive to end users. We will continue to work with Chris and his team, to help them achieve their ambitious growth targets.”
MBM Commercial advised OnGen’s board and managed the fund raising.