Hull-based Connexin has secured a £35m funding package to accelerate its rollout of smart water meters for water companies across the UK.
The deal includes £10m from Santander UK, a £5m borrowing arrangement, £10m from investor Patrizia and another £10m borrowing facility. Connexin says it is believed to be the first financing of its kind in the UK dedicated to smart water meters.
Turning water-use data into action
The 100-strong business, based at K3 Business Park, says smart meters give households and water companies clearer information about consumption. That data can help identify leaks, reduce unnecessary use and support more efficient management of water supplies.
The new funding will allow Connexin to increase the pace of installations. Its technology brings together information from meters and sensors, helping water companies monitor networks, anticipate problems and target investment more effectively.
The move comes as the water sector faces pressure from water scarcity, leakage and ageing infrastructure. Connexin provides broadband and digital connectivity and recorded turnover of £16.3m.
Why it matters for Britain
The investment supports the modernisation of the UK’s water networks, with better data helping companies manage supplies and detect leaks. It also gives a Hull technology business more capacity to deliver infrastructure for water companies around the country.
