The ex-CEOs of Bord Gáis and SSE, John Mullins and Ian Marchant respectively, have been named as the latest investor in home energy company Climote, which competes with thermostat maker Nest.
Competition in the smart home space – driven by internet of things technologies including sensors and Wi-Fi devices – is beginning to heat up. Last week Nest, the company behind the learning thermostat invented by iPod creator Tony Fadell, entered the Irish market.
Climote’s Hub product allows users to control and set their home heating straight from their phone, no matter where in the world they are via smartphone, SMS or online, increasing efficiency and reducing wastage.
Climote recently signed a major contract with ScottishPower that will see the company’s patented smart thermostat technology offered to the Scottish energy giant’s 5.6 million customers in the UK.
The Dundalk-headquartered company also has partnerships with the retail arm of ESB Electric Ireland and Power NI.
Powering an industry-wide change
Both Mullins and Marchant are highly regarded in the energy business and their investment in Climote will boost the company’s efforts to win deals with energy suppliers.
Both Mullins and Marchant were responsible for providing energy to 11m out of the 29m homes homes in Ireland and the UK and were responsible for a combined annual turnover exceeding €30bn.
“The technology behind the climote Hub, which allows users to control their home heating from anywhere, via one touch programming is beautifully simple and extremely reliable,” said John Mullins.
“The deal with ScottishPower, which climote won after a global tender of home technology companies is proof for me that climote can take on the biggest players in the industry and succeed. The focus by climote on a utility partnership strategy is now evident with these strong partnerships.
“I have been using climote’s technology in my own home for many years now, so to be in a position where I will be part of the team driving climote forward is very exciting. Within the next few years, every home throughout Europe will be able to remotely manage their energy use and Climote is well positioned to play a leading role in this industry-wide change,” Mullins added.