Reflecting on the Last 12 Months
As we enter 2024, it is good to take a moment to reflect, and to celebrate our growth and achievements. Please allow me to look back on and share some of the year’s highlights.
Household energy and the cost-of-living crisis
Following a tumultuous 2022, during which rising costs across the board resulted in an unprecedented cost-of-living crisis, this past year continued to present consumers with challenges. One of the main contributors to the ongoing cost-of-living crisis, as in 2022, was the cost of household energy.
This winter, consumers must dig deeper than ever as not only did the £400 discount which all households in England, Wales and Scotland received last winter not apply this year, but household energy prices are set to rise in January, with the typical annual household bill going up to £1,928, according to Ofgem.
In addition, consumers remained confused over their home energy efficiency options, largely due to myths and misconceptions around energy efficiency, retrofitting and decarbonisation. Research by Lloyds Banking Group showed that 34% of homeowners don’t know where to find information about improving the energy efficiency of their property, with 4 in 10 having no idea how energy efficient their property is.
This is concerning as the UK’s domestic building stock must be urgently addressed if the country is to meet its climate targets in the coming decades. To this point, while the government’s weakening of several net zero policies was disheartening, it highlighted the need for companies like ours to step up.
Heero Technologies was established with the aim of guiding consumers through the entire retrofit journey while streamlining the user experience, overcoming the multitude of barriers and complex guidance they encounter when trying to reduce their energy bills. Over the past year, we have made some great strides.
Securing investment
In the past year, we successfully completed a seed investment of £550,000. The first tranche, completed in April, saw us securing investment from The TRICAPITAL Syndicate LLP, Scottish Enterprise and angel investment group Mint Ventures, while the second tranche, which took place in October, was led by The TRICAPITAL Syndicate LLP, and supported by Scottish Enterprise.
We are thrilled that they decided to support our mission to accelerate the adoption of energy efficiency technology, which offers significant and tangible economic, environmental, and social benefits on the road to net zero, and their investment means we are well positioned to execute our ambitious plans for 2024.
New team members
The funding received in April and September not only helped accelerate the development of the Heero App and website, but also allowed us to grow from one full-time employee to a team of six people.
We welcomed Bethany O’Connor as Business Development Manager. Bethany has extensive experience as a mortgage adviser and holds both a Certificate in Mortgage Advice and Practice (CeMAP) and Certificate in Regulated Equity Release (CeRER) qualification. In addition to her role at Heero, Bethany is Director of Professional Mortgage Advisers Ltd.
To offer support and insight on the development side, David Sugden, a full stack developer and MERN stack expert with professional experience designing, developing and implementing applications, joined as Software Developer.
Each new member of our team has brought a wealth of experience and insight in their respective fields and there is no doubt that the business has already benefited immensely from their knowledge and expertise.
Exposure and recognition
As a young company – Heero was established in 2022 – we are incredibly proud to have been shortlisted for two Women’s Enterprise Scotland Awards this year. We were announced as finalists in both the Funded Business of the Year and Business to Watch categories. Being recognised in this way is a positive endorsement of our ambitious, woman-led team and the solution we have created and is a testament to the growing realisation that technology has a vital role to play in addressing environmental challenges.
What’s more, we have been proactive in generating awareness of domestic energy efficiency, retrofit and decarbonisation and raising our company’s profile across various key sectors through thought leadership articles, developing and optimising our website, and expanding our social reach and engagement.
Looking ahead
At Heero, we are at the very beginning of our journey. As we head into 2024, we have an opportunity to proactively engage homeowners to take control of their home energy, not just through energy efficiency or renewable technologies, but by using our platform to empower them to participate in the energy system of the future.
As we reflect on 2023, we are grateful to our investors, who remain deeply supportive of the Heero team and our strategy; we are grateful to our team, all of whom share the same ambitions and values; and we are grateful for the opportunity to make a difference by empowering homeowners to reduce their energy consumption and decarbonise their homes.
For more information, visit www.heerotechnologies.com