Edinburgh-based ‘deep tech’ energy startup, IONATE, has successfully raised £3.3 million in funding.

Supported by Edinburgh Innovations, the firm aims to resolve some of the key power quality issues associated with energy decarbonisation.

The startup’s patented technology helps boost reliability and productivity of connected assets, including renewable generators and battery storage.

The finance round included investment from the University of Edinburgh’s venture fund, Old College Capital, and was led by deep-tech investor IQ Capital.

Additional support was pledged by Smartworks, cleantech impact VC Cycle Group, and deep-tech climate investor Zero Carbon Capital.

IONATE said it will use the investment to scale operations and deliver its “pioneering” power flow control solution to electricity distribution grids, renewables generation projects and energy storage assets.

Commenting on the investment, CEO Matthew Williams said: “IONATE has been very fortunate to enjoy the support and expertise of Edinburgh Innovations and the University’s School of Engineering.

“They have been key in our success of transforming the initial idea into fully functioning technology in less than three years, and I hope to work together for many years to come.”

Williams added: “This investment round will enable us to commercialise our offering and realise IONATE’s role as a technology leader in the journey towards Net Zero. I’m very excited for the next chapter and to work side-by-side with our investors and partners on what promises to be a time of extraordinary development and growth.”

Investment comes amidst an exciting period for IONATE. The UK Energy Innovation Centre recently recognised the startup with the 2022 Future Energy System Award.

The Innovation Centre recognised IONATE for its impact in driving forward ‘the energy systems transition’ with industry experts, and utility judges characterising the company’s technology as ‘groundbreaking innovation’.

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Andrea Young, Head of Investment at Old College Capital said: “We are delighted to join this seed round alongside a specialist syndicate of investors led by IQ Capital. IONATE has developed an elegant technology solution, able to help power grids manage major challenges associated with the energy transition.

“There’s an urgent need for its control technology as the transition towards clean energy is driving enormous growth in electrification, renewable generation, and electric vehicle charging.”