The ESB is to invest €7m in Dublin-based building energy management company Cylon Controls as part of its clean-tech and resource efficiency fund, Novusmodus.
Cylon Controls is one of the largest independent building control providers in Europe, with offices in Asia, the Middle East and the US. The company's services have recently been selected for Terminal 2 at Dublin Airport, Google’s European head office in Dublin, and 20 Fenchurch Street (the Walkie Talkie building) in London.
In line with the ESB’s future strategy, the Novusmodus fund provides growth capital and management support to operating companies across the renewable energy and energy efficiency/resource efficiency sectors.
Cylon Controls is to use the funds to acquire US-based company American Auto-Matrix, which will provide the company with access to international markets.
“We are delighted with the investment from ESB Novusmodus and the support from Greencoat Capital, who have shown themselves more than capable of growing Irish technology companies. With their strategic council and financial support, we are very excited about the next chapter in Cylon’s development,” said Seán Giblin, CEO of Cylon Controls.
Likewise, ESB’s chief executive Pat O’Doherty believes Cylon Controls is a worthy recipient of the fund.
“Cylon is perfectly placed to take advantage of some significant structural trends, whereby occupiers of commercial buildings are becoming more and more sophisticated in the way they manage their considerable energy and resource requirements," O’Doherty said.
“Ireland continues to produce world-class clean-tech companies, and we are excited to help take them to the global stage. Cylon has an exceptional management team, and we look forward to continuing to support them as they build on their international success.”
Energy efficiency image via Shutterstock
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