Equiwatt

We’re pleased to have acted as Corporate Finance adviser to Equiwatt, a leading energy tech start-up, in securing over £300,000 of investment to support its growth.

Equiwatt, founded by Johnson Fernandes in 2017, rewards consumers for cutting their energy use at peak times. Through its app, it enables users to turn off appliances simultaneously as a community, leading to significant reductions in collective demand and creating energy efficiency on a mass scale. The market leading technology has been supported in its development by organisations including the EIT Climate-KIC Accelerator, Newcastle University and Energy Systems Catapult.

The business, which is based in Gateshead, estimates that for every 1,000 households using the Equiwatt app, 2,500 tonnes of carbon dioxide are offset every year. Its ambition is to work with up to 100,000 users in the near future.

To help progress its scale up plans, Equiwatt has secured over £300,000 through a funding round involving the North East Venture Fund – supported by the European Regional Development Fund and managed by Mercia – and North East angel investor Owen McFarlane.

Our Corporate Finance team led by Partner Phil Williams worked closely with Equiwatt in securing the investment, which will allow the company to run trials in the Gateshead area and create four new jobs.

Phil Williams, Partner at FRP Corporate Finance, said: “Equiwatt undoubtedly has the potential to make a huge contribution to the UK domestic energy market by providing the means to reduce peak time energy usage, and Johnson and his team have the commitment and genuine passion to make that happen. We have worked closely with Johnson for a long period of time to help shape the future financial strategy of Equiwatt and are delighted to have supported them in securing this investment.”

Johnson Fernandes, Founder of Equiwatt, said: “The key is in the community, and together we can make a huge difference. It comes down to us all making small changes to make a big impact collectively. Building this community further is the next step for the business and our ability to scale up, and this investment will support us in being able to achieve that. Our technology is proven and the more we can grow our community, the more we can collectively be cleaner and more efficient in our energy usage.”

Jan Oosthuizen, Investment Manager at Mercia, added: “Industrial users already receive rewards to reduce their power use at peak times and Equiwatt’s app will for the first time allow households and SMEs to do the same. The funding will enable the business to roll it out to 1,000 homes to prove its effectiveness and unlock deals with energy companies.”