An energy management start-up launched by two well-known North East entrepreneurs has closed its doors less than two years after its launch.
Swarm Energy was set up by Anthony Piggott and Dan Martin in 2023 after the pair spotted a gap in the market for a home energy management aggregator platform that neatly collected together multiple systems for customers faced with a growing number of apps. The business aimed to change the way people buy, generate and use energy in their homes with initial customers based in the North East.
The pair had sold Elmtronics - the fleet electric vehicle charging firm they founded - in 2022, and had ambitions to make Swarm synonymous with home energy management in a similar way that Nest is for heating. Swarm's Hub:One device connects with hybrid solar inverters and batteries to optimise how they work with the grid and automatically manages energy to help customers make the greatest possible savings.
Announcing the closure of the Hoults Yard business, which had employed six, Mr Piggott said it was a "sad story" in which Swarm had been unable to fully roll-out its technology.
He said: "It's with a very heavy heart that I’m announcing that I am closing the doors of Swarm, and the company will cease trading. This was my vision, my passion - to build a company and a product that could truly revolutionise the renewable energy landscape as well as empower people to take control of their own energy.
"That’s still something I very much believe in and I am incredibly proud of what the team achieved with Hub:One."
He added: "This is a sad story, and whilst none of this will happen now, I want to celebrate what had been achieved through this post, not focus on the difficulties experienced over the course of the last few months. I firmly believe that technology like Hub:One is crucial for strengthening the º£½ÇÊÓƵ's energy grid, maximising the potential of our renewable resources, and helping consumers save money.
"This journey wouldn't have been possible without the incredible dedication of the entire Swarm team, past and present. Thank you for your hard work, passion, and for believing in my vision. I also extend my gratitude to our shareholders for their support, and also to our early adoption customers who truly believed in this.
"While this is the end of Swarm, I am hopeful that there will be positive lessons that can contribute to a more sustainable energy future for the º£½ÇÊÓƵ."
