“We like to think of ourselves as the U.K.’s very first ‘neo-utility’,” Tem’s co-founder and CEO, Joe McDonald, told TechCrunch over email.

Founded in 2021, Tem on Wednesday said it has raised £10.5 million ($13.7 million) in a Series A round led by European venture capital firm Atomico, which closed two funds totaling $1.24 billion earlier this week. The investment comes as nations in Europe and beyond strive to reduce their carbon output and become “climate-neutral” by 2050. The U.K., specifically, is committed to reducing greenhouse gas emissions by “at least 100% of 1990 levels” within the next 25 years.