Startup unveils innovative water heater that can slash energy bills by 60%: 'Simultaneously addressing two challenges'

United Kingdom-based Mixergy has developed innovative hot water tanks that can slash your heating costs by up to 60% while helping balance the power grid, Tech Funding News reported.

The Oxford University spin-out secured £12 million in funding, led by Barclays Climate Ventures. This investment will help them expand their smart water heating technology through partnerships with housing developers and energy companies.

Unlike traditional water heaters that waste energy by heating more water than you need, Mixergy's tanks use a clever top-down approach. They heat only the water you'll actually use, cutting both your bills and carbon pollution by up to 40%.

What makes these tanks special is their connection to the power grid. Your tank can store energy when renewable sources such as wind and solar produce excess power, then use that stored energy during peak times.

"Why pay windfarms to shut down when we can pay households to switch on?" asked Pete Armstrong, CEO and co-founder of Mixergy, highlighting how the technology turns ordinary water tanks into a network of mini energy storage units.

Energy bills have risen in recent years. U.S. electricity prices have outpaced inflation, while U.K. households face higher costs despite recent reductions.

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The app gives you 24/7 control over your hot water, using machine learning to help you track and optimize your usage. You can see exactly how much energy and money you're saving while supporting cleaner energy.

As homes move toward full electrification, solutions such as smart water tanks will become essential. They reduce your energy consumption and make it possible to use more renewable energy across the grid.

"Mixergy is simultaneously addressing two challenges to the U.K.'s energy transition, improving both grid capacity and building energy efficiency," said James Ferrier, director at Barclays Climate Ventures.

How old is your current water heater?

10 years or older 😬