Procode Acquires Trust Power, Home of Loop App
Procode, one of the UK’s fastest growing energy tech businesses, today announces the purchase of Trust Power, the data and technology company behind leading energy efficiency app, Loop.
The strategic acquisition, which will see Loop’s integration into Procode’s existing suite of technologies, underscores the latter’s commitment to growth and delivering added value to customers. The app, which currently boasts more than 150,000 users, will transition to Procode’s Smart Datastream, ensuring continued high performance and reliability.
Loop is a free smart meter app that helps users reduce their energy consumption by an average of 15%. Its new AI-powered service, Loop Optimise, is one of the first in the emerging home battery optimisation market, allowing households to maximise returns from their equipment through dynamic and automated management of import, export, and tariffs.
The announcement follows hot on the heels of the ground-breaking deal between Procode and Electricity North West which will see the migration of the latter’s smart meter estate to Procode’s Intelligent Data Adapter.
The experienced team behind Loop will join the Procode family, continuing their operations from their offices in Oxford.
Procode MD, Ian Burgess, comments:
“The acquisition of Trust Power is a natural progression of Procode’s growth strategy. It also aligns with our mission to provide top-tier energy solutions to a broader audience, now more than four million end users. I’m really excited about the opportunities it brings.
“I would also like to welcome the Trust Power team to Procode. Their experience and innovative contributions will positively impact the business while bringing increased value to customers.”
Dr Steve Buckley, the Energy Doctor and Head of Data Science at Loop, comments:
“This deal marks a significant step forward in Trust Power’s mission to decarbonise UK homes.
“The Loop app has already proven its value during the cost-of-living crisis, helping users reduce energy consumption by an average of 15%, while our home battery optimisation platform, Loop Optimise, is saving users hundreds of pounds a year.
“We are excited by the opportunity to work with the Procode team to extend our reach and increase our impact.”
