The ESB clean tech fund, ESB NovusModus, is to invest €3.3m in the SME, Endeco Technologies, which uses the internet of things (IoT) to reduce energy consumption for large businesses.
As part of the deal with Endeco Technologies, the ESB’s Smart Energy Services division will look to gain access to the company’s portfolio of energy solutions aimed at significantly reducing energy costs for large-scale energy users, such as data centres.
Perhaps more importantly for Endeco – which has offices in London, Dublin, Cork and Dungannon – the €3.3m investment will allow the company to more than double its workforce from 20 to 46, as well as allowing Endeco it to develop its smart grid optimisation solutions technology.
Endeco Technologies has already established a considerable presence in the British energy market working with the country’s national grid to pioneer innovative fast-response energy management services.
As Ireland and the UK develop their own smart grid technologies – that will allow for renewable energy sources generated on a household level to be returned to the grid during periods of high use – this type of technology will become increasingly important.
Michael Phelan, founder and CEO of Endeco, said: “This investment underlines ESB’s belief in Endeco Technologies’ vision for the increasing role of sustainable, low-carbon, smart grid solutions.
“Importantly, it also provides a strong foundation for our next layer of growth and development. This leaves the company well capitalised to implement its plan, grow its team and continue to invest in its research and development activities.”
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