Perswitch is a B2B data service that enables individuals and businesses to automatically buy, store or sell energy at the best commercial rates with the lowest carbon impact.
The Company has built a solution, under the brand name Labrador, that allows energy consumers (both business and domestic) to automatically and quickly change energy tariffs to the most suitable, cheapest and greenest alternative. The solution is apparently easier to use than current switching options and has already been validated by a Price Comparison Website the Company is in contract talks with.
Fundamentally, this is a big data play. The Company will automatically get consent from the end energy consumer to collect their energy usage data, which can then be monetised. The Company aims to collect more and better quality data, achieved by their go-to market plan.
The market potential is significant, with Perswitch estimating that consumers could save C.£400p.a., SMEs saving circa £3,000p.a.and larger industrial companies potentially able to save ten of thousands of pounds. With Perswitch charging on a transaction basis, based on consumption, revenue multiples are significant in the UK alone.