ESB invests €3.3m in Endeco smart energy services
April 19, 2016
ESB Novusmodus, the clean tech fund of Ireland’s Electricity Supply Board, is to invest €3.3m in Endeco Technologies so its smart energy services division can leverage Endeco’s technology to reduce energy costs for large-scale energy users.
ESB’s smart energy services provide the skills and expertise of a global energy innovator for businesses, enabling them to unlock a smarter and more efficient way of managing energy that will result in cost savings and new revenue streams.
“This strategic partnership with Endeco expands our portfolio of smart energy services, transforming how customers manage, consume and optimise their energy,” said Paul Mulvaney, executive director of innovation at ESB. “Clean tech is the future for a low carbon economy and this investment demonstrates both companies’ commitment to achieving greater sustainability through innovative services. This also benefits the electricity network by reducing the need to rely on traditional fuels to supply power at short notice, which is costly.”
This partnership with ESB will grow Endeco’s workforce from 20 to 46 and allow it to develop its smart grid optimisation technology. Endeco has a considerable presence in the UK energy market offering similar services, having worked closely with National Grid to pioneer fast-response energy management services, and is the only Irish aggregator to have provided frequency response services in the British market.
"This investment underlines ESB’s belief in Endeco Technologies’ vision for the increasing role of sustainable, low-carbon, smart grid solutions,” said Michael Phelan, founder and CEO of Endeco. “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. This combines to ensure we remain at the forefront of global smart grid development.”
This transaction was also supported by Endeco’s existing investors including Dublin BIC, AIB Seed Capital Fund, ACT Venture Capital, other private investors and Enterprise Ireland, which invested a further €1m alongside the ESB.
ESB Novusmodus is a €200m private equity fund, providing growth capital and management support to operating companies across the renewable energy, energy efficiency and resource efficiency sectors. ESB is the sole investor in this fund.
With offices in Dublin, Dungannon, Cork and London and technology deployed at more than 200 sites, Endeco’s base includes industrial, manufacturing, metals, plastics, paper, food, transport and logistics customers.