It is Maven’s sixth VCT-funded transaction in 2021 and will support Guru’s investments in sales and marketing resources, as well as the development and launch of new software and hardware products for heating networks and related markets.
Guru’s low-carbon monitoring technology was developed to initially focus on heating networks, where heat generation is centralized and delivered to consumers through a network of underground hot water pipes.
These networks avoid the need for individual boilers or electric heaters in every building and are one of the most cost-effective ways to reduce CO2 emissions when heating. Their efficiency and CO2 saving potential are expected to increase as they cover more plots, are interconnected and increasingly use large heat pumps, combined heat and power plants and heat recovery from industry and waste.
Home heating alone accounts for 13% of the UK’s annual emissions footprint, which is comparable to the contribution of all gasoline and diesel cars to UK roads, and low carbon heating networks are a fundamental part of the UK’s decarbonisation strategy. The Climate Change Committee expects the proportion of UK heat supplied through heating networks to increase from 2% to at least 20% by 2050.
Guru’s hardware can be built into new buildings or retrofitted to collect data from existing heating networks and other on-site energy systems. The software then uses AI-driven analytics to provide a complete bird’s-eye view of the system through to performance in each individual home. This helps its customers’ identity performance problems improve efficiency and reduce carbon emissions.
David Milroy, Partner at Maven Capital Partners, said Guru represents an exciting opportunity for our VCTs to invest in a trusted provider of low-carbon IoT technology.
“As a major greenhouse gas emitter, heating residential buildings is one of the major challenges in global and UK efforts to achieve net zero emissions,” he said. “Heating networks play an important role, but like stand-alone domestic boilers, they can be hampered by inefficiency. This makes Guru’s sophisticated monitoring and AI-controlled analysis technology very attractive for developers and operators who are aiming for efficient and cost-effective construction of heating systems. “
Casey Cole, Guru CEO, said Maven’s investment in Guru Systems allows the company to capitalize on the significant growth of low carbon heating in the UK and beyond.
“Our technology supports both the digitization and the decarbonization of heat, two of the greatest challenges we face in the transition to an emission-free future. For our customers, the housing associations, municipalities and private developers who build and manage housing developments, our technology enables them to make their energy systems more transparent, cheaper and lower carbon. “
Private equity deals are increasing to meet transition needs
In the private equity space, deals are on the rise as the energy sector seeks investment in sustainable and renewable solutions.
EnMass energy, a digital procurement and operations platform targeting global waste-to-energy supply chains, recently received $ 2.15 million in equity investment.
EnMass covers the entire supply chain, from supplier identification to transport logistics to delivery audits, accelerates the process of converting usable waste products into new energy sources and saves corporate customers valuable time. The seed round was led by Blue Bear Capital and also included Looking Glass Capital and Climate Cloud, as well as a number of angel investors.
“EnMass opens up a new category of circular, regional energy industries by combining the innovative instinct of digital technology entrepreneurs with the practical experience of practical project developers,” said developers Ernst Sack, Partner, Blue Bear Capital.
Macaw partner, a private equity firm focused on industrial decarbonization, recently announced the acquisition of Anesco Holdings, the parent company of the Anesco group. The terms of the transaction were not disclosed.
Anesco is a UK renewable energy company that manages the development, design, construction, maintenance and market optimization of renewable energy and energy efficiency projects. It has developed more than 115 solar parks and energy storage systems, including the UK’s first zero-subsidized solar park, while its operations and maintenance service now manages nearly 1.2 GW of renewable assets.
Mark Futyan, who joined Anesco as CEO in 2020, said: “This is a pivotal moment for Anesco as we prepare to deliver the next wave of large-scale, non-subsidy solar and energy storage capacity.”
Last week, the Waterous Energy Fund announced the completion of the combination of its two portfolio companies, Strathcona Resources and Osum Oil Sands Corp. statement, it claims the transaction will create the largest privately owned oil producer in North America.
Adam Waterous, CEO of WEF, said: “For the past four and a half years we have built Strathcona by consolidating complementary businesses to create a leading energy company with strong ESG fundamentals and the ability to pay significant dividends to shareholders. Pro forma for the merger with Osum, Strathcona is a stronger company that can both defensively withstand market volatility and aggressively pursue its consolidation strategy. “
Private equity company Hull Street Energy has 100% ownership of the Waterbury Generation facility from a subsidiary of ENGIE North America. The facility is located in Waterbury, Connecticut and offers 96 MW of flexible natural gas power capacity for the New England region. In May, the company entered into a definitive agreement to acquire the management team and development pipeline from Solar Partner Foundation.