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Low Carbon Innovation Fund 2 invests in Switchd

Turquoise, a UK merchant bank specialising in energy, environment and efficiency, has made an investment from Low Carbon Innovation Fund 2 (LCIF2) in Switchd as part of a capital raising round of over GBP1.2 million. Other investors included Nationwide Building Society, Inspired Energy and Crowdcube also participated.

Switchd offers energy supply switching services, including green tariffs, as well as MakeMyHouseGreen, a data-driven platform that allows homeowners to source and install domestic renewable energy generation, such as solar panels and heat pumps, and energy saving products.

Ian Thomas, managing director at Turquoise, says: “The combination of the ongoing crisis in the retail energy sector and the urgent need to decarbonise residential housing creates a strong need for the type of services that Switchd offers. We are pleased to have invested in the company alongside existing shareholders, such as Nationwide Building Society and Inspired Energy, and new investors through Crowdcube and elsewhere.”

Llewellyn Kinch, co-founder of Switchd, adds: “We are delighted to welcome LCIF2 as an investor in this funding round which will enable us to rollout our MakeMyHouseGreen product to a much larger number of customers.”

LCIF2 is funded by European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.

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