Labrador secures £1m investment for smart energy device
19 Sep 2017
Smart energy company Labrador has announced it has raised in excess of £1 million from more than 30 investors to support its new device for customers seeking to switch suppliers.
The company claims its smart tool can automatically switch consumers to a deal based upon their individual energy use – creating the first “frictionless” transfer.
Former SSE chief executive Ian Marchant is among the investors in the project, together with ex-British Gas Residential MD Stephen Benyon and investment house Hambro Perks.
Said Marchant: “The way we buy energy is undergoing a technology enabled revolution and Labrador are at the forefront of this change. The growth in the number of energy suppliers over the last few years has placed a premium on making switching easier.”
Interest has been buoyed by the Government’s commitment in principle to installing smart energy meters in all UK homes – making it possible for householders and businesses to switch supplier with minimal effort.
The energy device can be plugged into a meter and broadband router to retrieve energy deals and enable users to switch supplier automatically or send an email with a one-click switch recommendation.
It also helps maintain functionality for users of smart meters provided by large energy companies who subsequently opt to switch suppliers.
Labrador Founder and CEO, Jane Lucy, asserted the technology would solve many of the issues slowing the Government’s smart meter roll out and unlock new benefits.
“For consumers it enables them to automatically switch suppliers through their smart meter and save money without keeping the onus for action on the consumer to drive change,” she said.
