Tem Raises £10.5M to Connect Businesses Directly to Renewable Energy Sources

Tem, a U.K. startup, aims to revolutionize the energy sector by cutting out middlemen and connecting businesses directly to renewable energy sources. Founded in 2021, Tem has raised £10.5 million in a Series A round led by Atomico, signaling growing interest in sustainable energy solutions.

Key Points:

• Neo-Utility Concept: Tem positions itself as the U.K.'s first "neo-utility," leveraging technology to streamline energy procurement.
• AI Matching Algorithm: The platform uses AI to match businesses with renewable energy generators, offering transparent pricing and billing.
• Cost Savings: Tem claims energy prices are 10-25% cheaper than the wholesale market, benefiting smaller businesses.
• Marketplace: Tem operates a marketplace with over 50 renewable generators, including solar, wind, and biogas plants.
• International Expansion: The startup plans to expand into Europe and the U.S., targeting markets with aggressive renewable energy targets.

Insight: Tem's approach addresses a critical gap in the energy market, making renewable energy accessible to smaller businesses. By focusing on technology and partnerships, Tem avoids the pitfalls of traditional utility models, offering a more stable and cost-effective solution. As global efforts to reduce carbon emissions intensify, Tem's innovative platform could play a pivotal role in accelerating the transition to renewable energy.