Basis launches Leo smart panel, generates USD $100 million interest

Basis has announced the launch of its new smart panel, Leo, which enables homeowners to manage their energy consumption more effectively, enhance electrical safety, and prepare for future technological advancements. The company has reported generating interest amounting to over USD $100 million in product sales.

Leo, a smart panel, aims to replace traditional breaker boxes and offer homeowners extensive control over their energy use via a user-friendly app. The panel provides real-time data and personalised insights that can help reduce energy consumption, with typical savings of 25% on electricity bills. In addition to financial savings, the panel's digitally configurable safety features allow homeowners to tailor safety settings based on specific needs.

According to co-founder Danny Purcell, "Our vision is for smart panels to be the central hub for energy management in every building. Leo ushers in a new era of accessible data and control that benefits everyone." Purcell, alongside fellow co-founder Julyan Collett, has spearheaded the reimagining of the traditional electrical panel to create this forward-looking smart panel.

Leo has already met more than 50 compliance certifications across six categories and is the first of its kind to achieve compliance with IEC 61009, as approved by UL. Pilot trials conducted in homes across New Zealand proved successful, and top global manufacturing partners have been secured to scale up production. Basis has reported over USD $100 million in partnership opportunities and direct B2B sales pipeline across Australia and New Zealand, with the first six months of production volume pre-sold.

Leo's innovative features extend beyond energy saving and safety. The panel easily integrates with renewable energy sources and updates automatically to stay current with evolving technologies. Electricians installing Leo will benefit as well, with Jamie Kirk, MD of YLE Electrical, stating, "Leo is a game-changer in enabling electricians to provide hi-tech controls at an affordable price point to homeowners. Replicating its features with existing products would cost over $25,000!" The prefabricated design of the panel also reduces installation time by 80%.

Vignesh Kumar, Co-Managing Partner at GD1, commented on Leo's potential impact: "From the beginning, Basis' vision resonated with us. Their ambition of transforming energy as a utility to energy as a service, one that not only saves money but also benefits the environment, is exactly the kind of innovation we champion. We believe that Leo has the potential to become the global standard, offering valuable energy consumption insights and empowering consumers with greater control over their homes. This not only benefits individuals but also paves the way for a more sustainable future."

With the backing of experts from renowned companies such as Bose, Boeing, Uber, and Microsoft, Basis is preparing to expand its operations beyond New Zealand. Purcell remarked, "Developing Leo hasn't been easy. Our product is ambitious and the electricity industry is complex, with diverse stakeholders. Our team rose to the challenge, creating a sophisticated hardware solution that will become the connective tissue of a smarter grid."

Basis has immediate plans to enter the Australian market and then expand to the UK, Europe, and the US. Pre-orders for Leo are currently open in Australasia, with installations planned for select new homes by a leading regional property developer.