""We calculate that about $1 trillion is taken out every year in transaction fees by 'Big Energy'," he said. "Our mission is to take that cost of transaction down to zero.""
""I don't see why every single electricity transaction won't be run by infrastructure like ours over the next ten years," he said. "There is too much inefficiency in the outdated process that 99 per cent of transactions currently rely on.""
Tem raised $75 million in fresh funding led by Lightspeed Venture Partners at an implied valuation of about $300 million to expand internationally and scale operations in the US. The four-year-old London-based energy technology company developed Red, a neo-utility platform that uses artificial intelligence to match electricity supply and demand directly, bypassing the wholesale market and intermediaries. Red launched in November 2024 and is used by around 2,600 businesses, including Boohoo and Fever-Tree, and two schools. Red has saved customers $35 million in energy bills to date; one school reports annual savings of £55,000. Total funding now stands at $94 million, with investors including Hitachi Ventures and Atomico.
Read at Business Matters
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