AI company Social Energy to raise £50M

A Yorkshire based environmental technology firm that uses AI is aiming to raise £50 million in the hopes of transforming the energy industry.

Social Energy, a start-up green technology company, store up resident’s energy from solar panels and then uses AI to distribute it. They believe that customers save up to 70% a year with their company.

The firm also believes that there is a general need for the whole nation to change its attitude towards the way that energy is consumed.

They have further spoken of the responsibility that energy firms need to take to ensure that a positive change is being made in the future of energy and that traditional methods would not be enough.

Investments

They have asked investment advisory company, Evercore, to help them in raising money in the investment with the hopes of developing tech and expanding internationally.

It is thought that telecom firms, oil companies, and energy companies have all expressed an interest in investing in the green energy company.

Social Energy stressed that tech companies should be taking the lead in encouraging individuals to focus on their energy consumption.

Chief executive for Social Energy, Ryan Gill, said: “Having an environmentally friendly home is moving up on people’s agendas,”

“Look at solar panels for example. A million homes in the UK already have them installed. By joining the Social Energy Network, homes and businesses are empowered to take back control of their energy supply.”

AI and Social Energy

The way that AI is used within the company is through it learning about how much energy a home uses. Any spare energy is then stored up in batteries. Then, during times of excess demand for power, AI uses the stored up energy from the batteries in replace of power.

This prevents the customers from paying excess in energy consumption.

Social Energy also holds the license for the world’s biggest battery brand, Duracell. It is the only company to have been given permission from the National Grid to trade energy with 70% of the world’s battery manufacturing.

Gill spoke of how the world energy giants are changing the way in which companies are thinking about the future.

He said: “The attraction of our model has not escaped the attention of global energy behemoths which are beginning to assess their position in a post-carbon world. Shell for example recently bought Sonnen and Limejump to attempt this in the future. But it isn’t purely an issue of investment, the nature of AI is it needs time to learn and that can’t be accelerated. Our AI has been developed by a team of data scientists over a six-year R&D period, this isn’t easy to replicate.”

The company hopes to have the funding by this August.

 

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