ESB is planning to ramp up its use of cutting-edge technology for large-scale users with a €3.3m investment in Endeco Technologies’ ‘smart grid’ optimisation technology.

The investment will come from ESB NovusModus, ESB’s clean-tech fund, and will enable ESB’s Smart Energy Services division to leverage Endeco’s technology to reduce energy costs.

ESB said that its Smart Energy Services is an energy management system that offers the skills and expertise of a global energy innovator to businesses, enabling them to unlock a smarter and more efficient way of managing energy which will yield both cost savings and new revenue streams.

The partnership with ESB will increase Endeco’s workforce from 20 to 46 and allow the company to further develop its smart grid optimisation solutions technology. Endeco Technologies has a considerable presence in the British energy market with similar services, having worked closely with National Grid to pioneer innovative energy management.

Paul Mulvaney of ESB said: “This strategic partnership with Endeco expands our portfolio of smart energy services, which transform how customers manage, consume and optimise their energy.

In Association with

“Clean tech solutions are the future for a low-carbon economy and this investment demonstrates both companies’ commitment to achieving greater sustainability through innovative services. This solution also benefits the electricity network by reducing the need to rely on traditional fuels to supply power at short notice, which is costly.”

Low-Carbon Solutions

Endeco chief executive Michael Phelan commented: "This investment underlines ESB’s belief in Endeco's vision for the increasing role of sustainable, low-carbon, smart grid solutions. It also provides a strong foundation for our next layer of growth and development.  It leaves the company well capitalised to implement its plan, grow its team and continue to invest in its research and development activities.”

In 2012, Endeco Technologies Ltd raised €1.6 million equity investment from angel investors, the AIB Seed Capital Fund and Enterprise Ireland. The angel investment was organised by the Halo Business Angel Partnership.  The company booked a loss of €470,000 in 2014 bringing accumulated losses to €2 million. In December 2014 there was a deficit in shareholders’ funds of €1 million.

Michael Phelan will speak alongside Paddy Duffy of Tesco and Briget Hartland-Johnson of Siemens at an event hosted by ESB on April 6, at the SEAI Energy Show.

Photo: Endeco boss Michael Phelan (centre) with Halo’s John Phelan (right) and enterprise minister Richard Bruton