Onzo collects grant to tackle fuel poverty and energy efficiency
October 20, 2015
Data science software company Onzo has been awarded £747,000 Energy Catalyst funding from the UK's innovation agency, Innovate UK to deliver a two-year project that aims to address fuel poverty and stimulate energy efficiency in the UK.
The London-based company compiles and analyses household energy data taken from sensors, to empower customers with personalised insights and control around their energy usage.
During the project, Onzo will present customers of a new energy provider in Scotland with personalised information and advice around their energy usage to spot energy waste and reduce demand, helping those who struggle to pay their bills in the winter better manage their energy use throughout the year and reduce costs.
Reducing and shifting overall energy usage away from times of peak demand will also decrease the total level of required electricity generation and reduce reliance on carbon intensive peaking power stations, reducing emissions and facilitating the push towards renewable energy.
The company has been awarded the funding in conjunction with Imperial College London, which will measure the effectiveness of Onzo's interactions with the customers to understand the impact on long-term behavioural change.
The Energy Catalyst grant has been established by Innovate UK, the Engineering & Physical Sciences Research Council, and the Department of Energy & Climate Change to accelerate innovation in the energy sector. From concept to pre-commercial readiness, the grant provides investment and support to innovative businesses and researchers from any sector that can address the so-called energy trilemma, the three major challenges facing the energy sector on a global scale. These are reducing emissions by helping produce energy through greener resources, improving security of supply and reducing costs.
"This project will allow energy companies to actively engage with consumers in an effective way, while addressing the global challenge of the energy trilemma,” said Spencer Rigler, CEO of Onzo. “Onzo's insight will help to increase energy efficiency, bring clarity to consumers' energy bills and, ultimately, save them money."
Onzo combines the science of energy analytics with load disaggregation, lifestyle behaviour analysis and probabilistic forecasting to give utilities and their customers insights into how, where and when energy is used. Leveraging granular smart meter data, its patented algorithms can result in richer, highly accurate, customer-specific insights that help utilities improve customer engagement and energy efficiency, while reducing churn and creating revenue opportunities.