Green energy start-up hits £500k funding with Scottish Investment Bank backing

Edinburgh green energy start-up OnGen has topped £500k total funding following its latest round, with backers including the Scottish Investment Bank, the investment arm of Scottish Enterprise, and early investor Ian Marchant.

Their online tool allows business managers a simple way to input their current energy usage and generate in-depth feasibility assessment on what green energy technologies they should adopt.

Christopher Trigg, the company’s chief executive, said: “Energy bills can have a massive impact on the bottom line, and often the best way to reduce energy costs is to generate it onsite yourself.

“But one of the big challenges for business is finding out which renewable technologies are most appropriate for a particular user, and calculating what savings can be achieved.

“This can be a headache for non-experts – tariffs and support regimes keep changing, and technology costs are coming down, so it’s hard to work out what combination of energy sources is best. In some cases businesses which use this software can halve their energy costs.”

Commenting on the OnGen platform, early investor Ian Marchant said: “Putting reliable information in the hands of consumers is the first step on the road to an energy revolution as I believe that the energy system of the future will be far more decentralised and renewable-focused than our current fossil-based industrialised system.

“However, navigating this transition is not easy and OnGen are developing products that allow all consumers of energy to make informed decisions about the options available to them. OnGen are enabling an energy revolution and I’m delighted to be a part of this.”

Kerry Sharp, head of the Scottish Investment Bank, said: “It is good to see one of our investee companies making positive progress. This second funding round will allow the company to expand its product offering, making it more attractive to end users. We will continue to work with Chris and his team, to help them achieve their ambitious growth targets.”