Old College Capital, the University of Edinburgh’s venture fund, has invested in Connected Energy Technologies, whose products support clean cooking gas and off-grid solar power in the global south.
OCC, which is managed by EI, is one of the main investors alongside Sustainable Ventures in the Seed B funding round, which contributes to $1.25 million that the company has secured overall.
Indian and African markets
Connected Energy, which has strong links to the University of Edinburgh and is headquartered in Edinburgh, builds “last mile ICT” products and services for energy providers in the Indian and African markets.
Its Cloud Solar suite of smart meters is used by solar power providers in five countries, and its Smart Biogas products are in the final stages of development for use with small biogas digesters that supply cooking gas for homes.
Novel B2B model
The company has an innovative low-cost business-to-business model, enabling local partners, such as small utilities, NGOs and product manufacturers, to sell energy systems to a wider range of customers, including poorer and more remote households.
End customers benefit from low-cost, reliable energy services, flexible financing options and the prospect of a robust after-sales service.
In addition to its Edinburgh headquarters, the company has staff in London, Rwanda, India and the US.
“We’re delighted to support this University-affiliated startup which has the potential to benefit so many people through the better delivery of clean energy.
“Energy providers and end users will benefit from the efficiencies and service improvements delivered by Connected Energy’s innovations.
“The company has a strong business model and we look forward to its continued growth and development.”
– Andrea Young, Fund Manager, Old College Capital.
Connected Energy co-founder and Director Jelte Harnmeijer was a University of Edinburgh staff member when he founded Connected Energy Technologies. Fellow co-founder and Director Vijay Bhopal is also an Edinburgh alumnus.
“This investment will enable us to take our products to market throughout Africa and South Asia – through our approach of collaborating with local companies.
“Lack of access to energy, especially pertaining to clean cooking, is a pervasive issue through much of the world. We are thrilled to have gained the support of our alma mater in contributing towards achieving sustainable and modern energy for all.
– Vijay Bhopal, Co-founder and Director, Connected Energy Technologies.