innogy and Verv sign disruptive £500k deal for smart energy hub

innogy International Middle East aims to support the United Arab Emirates in becoming smarter

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innogy International Middle East (IME) has invested £500,000 in the creators of an artificial intelligence and blockchain-based smart home hub.

The deal with UK-based startup Verv aims to support the United Arab Emirates’ (UAE) vision to take a leading role in smart cities and cutting-edge energy technologies.

Verv uses machine learning and blockchain to power its Internet of Things hub, which can work out the electricity-consumption and cost of key domestic appliances in real-time.

As well as enabling peer-to-peer trading of renewable energy between neighbours, Verv’s technology can process data up to five million times faster than a smart meter and identify if white goods such as washing machines and tumble driers are deteriorating and costing more energy.

The investment will help Verv make its hub compatible with a wider range of buildings and target a number of strategic partners to help with expansion.

Peter Davies, CEO and Founder of Verv, says: “With a real appetite for disruptive technology, innogy IME is driving smart living innovation in the UAE and it’s an honour to be working with such a progressive company.

“innogy’s vision of smarter, greener living is very much aligned with our own, as we look to pioneer an energy transformation.”