Tempus Energy

Meeting: 
MQT on 2015-10-21
Session date: 
October 21, 2015
Reference: 
2015/3401
Question By: 
Murad Qureshi
Organisation: 
Labour Group
Asked Of: 
The Mayor
Category: 

Question

Can you confirm the total level of funding you have authorised to Tempus Energy and progress on the project funded?

Answer

Answer for Tempus Energy

Answer for Tempus Energy

Answered By: 
The Mayor

Further to endorsement from the London Enterprise Panel (LEP) in March 2014 and Mayoral Decision in November 2014 (MD1416), the GLA invested £250,000 (by way of loan) in Tempus Energy.  The finance was drawn from the Growing Places Fund (GPF) in financial year 2014/15 and is profiled to be repaid with interest by 2019. This investment contributed to the capital costs associated with the development and operations of the business.

The project is progressing well to date; Tempus Energy have set up their Control Room to manage and monitor electricity utilised by customers, staff numbers are increasing ahead of plan, they have completed the recruitment process for their first 4 Smart Energy Academy apprentices and customer uptake in the electricity supply business is going well.