Wokingham-based startup Tepeo has scooped £10.5m in a Series A funding round led by BGF for its smart boiler.
Founded in 2018, Tepeo’s “ZEB” boiler is designed to heat up its thermal core and store energy when it is cheapest and greenest, taking into account things such as electricity tariffs and the user’s preferences.
Johan du Plessis, founder and CEO, Tepeo, said: “This investment from BGF and our existing investors will enable us to scale-up our manufacturing and commercial operations, to offer ZEBs to more and more people across the UK and to start making meaningful progress on decarbonising heating.”
Tepeo will spend its Series A cash on increasing production, R&D, sales and hiring in its commercial and assembly teams.
Prior investors Clean Growth Fund, Bonheur and Renewable Environmental Investments Ltd joined BGF in the round.
“Tepeo’s ability to store and discharge heat in a cost-effective manner will also prove crucial in delivering this transition in an efficient way, at a time when energy costs are of crucial importance to consumers,” said Dennis Atkinson, investor at BGF.
Tepeo’s future plans include bringing out a “combi” version of its ZEB boiler that will not need a hot water tank.
Earlier this year Tepeo secured £1m grant from Innovate UK.