To achieve a carbon-free energy system, our reliance on electricity is likely to rise. This will inevitably result in a need for improvements for networks, either via costly infrastructure upgrades – such as more wires and bigger substations – or by using the capacity we already have in a smarter way.
Equiwatt is focused on the latter of these two solutions, encouraging consumers to reduce their peak time energy use by rewarding them when they do.
Using artificial intelligence, this ‘virtual power plant’ synchronises energy savings across multiple homes to give more flexibility to network operators and energy companies – helping them manage the network more effectively and reducing the need for expensive upgrades.
The company has been selected by the Energy Systems Catapult’s Innovator Support Platform to support the firm in preparing for further investment and scaling up its customer base.
Equiwatt incentivises consumers to save energy at peak times through a rewards scheme. It uses smart meter monitoring to track a home’s energy use and automatically awards points based on the amount of energy moved off peak. These points can be exchanged for cash, vouchers or product discounts.
The Equiwatt app is designed to make energy saving fun whilst having a big impact on making the electricity grid greener
As well as gaining rewards, Equiwatt homes have a signficantly reduced carbon footprint, with each home saving 360 kilowatt hours of energy per year.
Energy Systems Catapult is home to the Innovator Support Platform (ISP), which provides carefully selected innovators with tailored business incubation and acceleration support to help address barriers to growth, de-risk innovation, scale-up the business and secure investment.
Tailored support for selected SMEs utilising Catapult assets and capabilities, and delivery partner offerings, such as Business Sprint’ workshops, Business Model Development, Energy System Integration assessment, Consumer Insights, Concept testing and validation, Identification of candidates for Acceleration support.
The Catapult will deliver:
- A regulatory and policy landscape review, with insights into how this impacts Equiwatt’s business model
- Business model optimisation, including creating a financial model to show revenue stacking opportunity, build vs partner considerations and key partnerships
- Assessment of Equiwatt’s digital platform and integration with connected homes
- Consumer messaging and marketing to achieve customer milestone of 1,000
- Investment readiness support