UK clean energy technology innovator Enertechnos said it has raised £5 million in a Series A funding round.
The round secured further 30 per cent backing by existing investors.
The remainder were provided by individual investors, including energy and engineering specialists alongside former cabinet and environment minister Virginia Bottomley.
The company said it will use funds raised for two waves of activity.
They will expand their engineering team to drive the next stage of R&D, and also boost their sales and marketing team.
Enertechnos claims its innovative cable technology – called Capacitive Transfer System (CTS) – reduces energy losses by up to 47 per cent.
The CTS is applicable to subsea power-from-shore links to offshore oil & gas platforms and offshore-to-offshore links.
In addition, CTS should also be suitable for potential game-changing applications such as offshore wind farms.
Also, network operator Western Power Distribution (WPD) will soon deploy the CTS technology in a real-world trial.
Dominic Quennell , CEO of Enertechnos said:
“The energy sector is facing a multitude of challenges at present responding to Covid-19, but we also have a commitment to reach net-zero by 2050.
“Minimising waste in the energy system will be a key part in achieving this.
“The potential carbon emission savings that can be achieved by this technology is enormous and this funding round recognises the role our technology can contribute to net-zero targets.”
The round was advised by Adelpha, specialising in high growth, tech-enabled UK companies with a positive social and environmental impact.