Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced an investment by Low Carbon Innovation Fund 2 (LCIF2) in Switchd. This forms part of a capital raising round of over £1.2 million in which other investors included Nationwide Building Society, Inspired Energy and Crowdcube.
Switchd offers energy supply switching services, including green tariffs, as well as MakeMyHouseGreen, a data-driven platform that allows homeowners to source and install domestic renewable energy generation, such as solar panels and heat pumps, and energy saving products.
Ian Thomas, managing director at Turquoise, commented: “The combination of the ongoing crisis in the retail energy sector and the urgent need to decarbonise residential housing creates a strong need for the type of services that Switchd offers. We are pleased to have invested in the company alongside existing shareholders, such as Nationwide Building Society and Inspired Energy, and new investors through Crowdcube and elsewhere.”
Llewellyn Kinch, co-founder of Switchd, added: “We are delighted to welcome LCIF2 as an investor in this funding round which will enable us to rollout our MakeMyHouseGreen product to a much larger number of customers.”
LCIF2 is funded by European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.
Switchd is the only whole-of-market energy auto-switching service in the UK. Funded by member subscriptions rather than provider commissions, Switchd is able to ensure every member is always on their best energy deal. To date, Switchd members have saved £4.3m from their household bills and over 216,650 tonnes of CO2 by choosing green energy providers. In 2021, Switchd launched MakeMyHouseGreen.com, a data-driven platform which gives homeowners accurate and impartial information on green home energy solutions. Since summer 2021, Switchd has begun installing solar panels and plans to rapidly scale solar installation over the coming years.
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.