Company Description
Multi award-winning AI company Verv has created the Smart Isolator; a switch designed specifically for air conditioning units and heat pumps to help reduce energy consumption and predict faults before they occur.
There is a big problem with air conditioning and energy usage. In 2016, roughly 10% of the planet's energy use went towards air conditioning. As climate change proliferates this will only get worse, as global air conditioning sales are expected to reach 150 million units per year by 2027. Global air conditioning energy use is expected to triple by 2050, reaching an equivalent to China's total electricity demand today.
Verv is a business to business company with blue chip customers, proven technology and an impressive patent portfolio. Verv is also a UK-based company on a mission to have a global impact through helping customers hit their environmental, social & governance (ESG) and Net Zero Targets, whilst reducing their air conditioning maintenance costs in parallel.
We calculate that if just 1% of the world’s air conditioning units had a Verv Smart Isolator installed, this would equate to 16,000,000 units and would save around 126,000 tonnes of CO2 every year. This is the equivalent of 485,623 (approx 2%) homes' electricity use for one year in the UK or 63,747,393 tree seedlings grown for 10 years*.
Monetisation strategy
Verv has a no brainer business model that matches the price of an existing basic isolator and then charges a monthly subscription for the data services including energy monitoring, energy wastage reporting and utilisation. It then offers optional extras such as environmental, social & governance (ESG) and Net Zero reporting and predictive maintenance. Verv then also collects data to report back product deterioration information to the manufacturers and allows the user to be involved in further energy saving initiatives such as demand side response and demand management.
*Illustrative example based on Company calculations.
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