New AI energy business on course for £1m pipeline
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A new Oldham-based business is making waves in the energy sector after its bid to raise funding from private individuals was oversubscribed due to high levels of interest in its disruptive technology.
With a background in global energy markets with some of the world’s biggest technology companies, Omar Rahim and Momin Hashmee have joined forces to launch Energi Mine, a business which utilises artificial intelligence (AI) software to procure and trade energy for some of the UK’s biggest companies.
Launched six months ago, Energi Mine’s clients include a global law firm, the largest independent construction materials group in the UK and the country’s largest privately-owned forecourt operator. A sales pipeline of more than £1m will also be realised within the next 12 months.
Energi Mine’s offices in Oldham include a state-of-the-art trading desk – the only of its kind in the North West – where more than £100m is already under management.
The trading desk monitors wholesale energy prices and analyses a range of data from power station capacity and gas flows, to international bond prices and weather patterns. Algorithms and AI enables Energi Mine to process information much faster, ultimately leading to better quality decisions when buying energy and protecting clients from price spikes.
Chief executive Rahim has traded energy for some of the largest trading houses in Europe, having managed over $3bn in energy assets worldwide.
He also has a track record in growing businesses from inception.