Mr McDonald said that with the support of its new investors, the company was"looking to make a significant, sustainable impact on the energy markets and build a platform for renewable commodity transactions globally, replacing the outdated energy trading companies and helping our customers to reduce their carbon footprint while saving money on their energy bills".
Revent, a purpose-driven technology fund, has also contributed to the tem round, as well as Christian Deger, an angel investor who founded the payments company Payworks. Tem. said its end-to-end management of business energy transactions opened up the market to all businesses and claimed it slashed transaction costs as much as tenfold.
It added that there was potential to unlock $1trn in direct renewable energy transactions globally as well as to save 390m tonnes of additional carbon dioxide emissions by 2030 through the faster adoption of renewable generation worldwide.The company's founders were previously involved in Limejump, an energy start-up acquired by the oil behemoth Shell in 2019.
Adam Chirkowski, an investment director at AlbionVC, drew a comparison between with the impact of fintech start-ups on industries such as banking, saying tem. had"the opportunity to disrupt one of the largest global markets and ensure renewable generation does not fall into the same antiquated energy system as fossil fuel-driven transactions".