Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced its eighth deal for the Low Carbon Innovation Fund 2 (LCIF2). The investment in geo is part of a first close of a round co-led by LCIF2 and Schneider Electric Ventures (SEV), with the participation of Consensus Business Group, West Coast Capital and GWD Enterprises.
Geo is at the heart of the home energy revolution. The company, based near Cambridge, UK, designs and manufactures devices that give homeowners better information and control over their electricity, gas and water usage, typically resulting in reduction of wastage, cost and associated greenhouse gases.
Axel de Mégille, director at Turquoise, commented: “geo’s positioning at the centre of the home energy management ecosystem makes it a very valuable low-carbon investment proposition.”
Steve Cunningham, CEO of geo added: “We are delighted to add five important new investors to our shareholder base. This investment will enable us to grow the company further and establish geo as the reference home energy management platform in the UK and Europe.”
LCIF2 is funded by European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.
Founded in 2006, geo is an award-winning smart energy company based near Cambridge, UK. Geo is the leading supplier of in-home displays to the UK Smart Metering programme and has deployed over 6 million units to date. The company aims is to create a sustainable future where every household is able to manage its overall consumption and carbon footprint, without even having to think about it. A recipient of the Queen’s Award for Innovation, geo combines its smart energy display, control and automation capabilities with leading edge data science, AI, cloud, firmware, UX, UI and customer insight.
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.
LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk /european-growth-funding.