Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced a new deal for the Low Carbon Innovation Fund 2 (LCIF2), a £150k investment in Electric Miles. LCIF2 led the £776,000 equity round which included co-investors Vipul Amin, founder of uSwitch and owner of Kelkoo; and Blue Lake VC, which focuses on B2B and software start-ups.
Electric Miles, an intelligent ‘Internet of Energy’ platform, provides electric vehicle (EV) drivers with a smart charging service, enabling them to charge their vehicles with cheaper and greener energy, while also providing a demand flexibility service to the grid.
Francis Wright, Managing Director at Turquoise, commented: “UK EV numbers are expected to reach nine million by 2030, driving a 30% rise in peak energy demand. This is a major problem for the grid and could slow the path to the UK’s plans to achieve net zero emissions by 2050, as more fossil generation is used in peak periods. Electric Miles has assembled a team with great depth of expertise in energy, technology and venture building. Its software is designed to directly reduce peak demand, and I have no doubt that this will help to make EV charging accessible to all, and play a part in reaching our net zero target.”
Arun Anand, CEO of Electric Miles added: “We are delighted to be joined by LCIF2 and welcome them on our exciting journey. We’ll use this new investment to build the team to drive product capability, platform expansion and innovation in our grid demand flexibility service. We are going to cover the entire spectrum of EV smart charging right from installation using a range of services, including Installer Miles for easy commissioning, Admin Miles for support and remote diagnostic, Electric Miles for an intelligent driver’s app and finally Flexibility Miles for EV charging to take part in grid flexibility to manage the peak demand. We are committed to working towards UK Net Zero ambition.”
LCIF2 is funded by European Regional Development Fund, with the UK Department for Levelling Up, Housing and Communities as the Managing Authority.
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 Department for Levelling Up, Housing and Communities 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.