Measure My Energy (MME) design and manufacture their own range of intelligent energy meters that measure consumption at an asset and circuit level. They stream data to their own cloud platform in real-time, providing insight to enable the controlled implementation of efficiency measures and live alerts to indicate when critical machinery may require maintenance.
FEL first looked at investing in MME some 3-4 years ago through an investee company of ours called Business Juice, where we had installed Ed Varley as MD (having headed hunted him from EDF). Ed was aware of MME from his time at EDF where they had chosen MME as the best technological solution for what is now known as their PowerNow offer. At the time we felt the company was too early stage for us. We subsequently sold Business Juice to Make It Cheaper and Ed went with the business.
Having successfully integrated Business Juice into Make it Cheaper, Ed then left and reconnected with Ben Murphy, the founder of MME. He then introduced FEL again to MME as a potential investment opportunity. By then the product had been further developed and the relationship with EDF had been secured under a partnership agreement. As an investment house we thought there could be significant potential for the MME product/offer as industry starts to focus on achieving net zero carbon emissions by 2050.
FEL led a £600k development capital investment to fund the development of the next generation Mark VI product and provide resource to support the sales and marketing effort of this new product.