Smart Metering Systems plc, which installs and manages smart meters and carbon reduction assets, has announced plans for 20 new hires at its Cork subsidiary Solo Energy.

The SMS business model is based on owning, installing, operating and maintaining gas and electric metering systems and databases on behalf of energy suppliers, as well as providing downstream energy and environmental management services for large energy consumers and multi-site organisations.

SMS purchased Solo Energy in September 2019 for €1,150,000. Solo Energy, established in 2015 by Killian O’Connor and Mark Hamilton, has a focus on battery storage, microgeneration, and electric vehicle charger installations at no-upfront cost to homes and businesses, with its goal to lower energy bills for consumers and help make the transition to renewables through establishing a Virtual Power Plant (VPP).

The VPP centres on the company's online FlexiGrid aggregation platform which was still under development at the end of last year.

Solo Energy’s backers included Simon de Pietro and Elliott Griffin. The company had €860,000 equity investment when it was acquired by SMS, so there was some upside for investors. The two founders each grossed c.€200,000 from the sale.

In Association with

According to SMS, which had turnover of £114m last year, the software development and project management roles will be created over the next five years. The company is receiving taxpayer funding through state aid from IDA Ireland.

According to O’Connor (pictured): “With the backing of SMS Plc we are now in a position to continue scaling the business in a sustainable manner while embracing new and exciting opportunities across the energy ecosystem.”

IDA chief executive Martin Shanahan said the announcement by SMS is in line with the state agency’s strategy to continue to win investment and jobs in regional locations.

“Solo Energy is an excellent fit with IDA’s growing sustainable energy portfolio and the creation of 20 roles in Cork demonstrates the strong availability of talent in the region. I wish SMS Plc and Solo Energy every success with their expansion and assure them of the continued support of IDA Ireland,” said Shanahan.

Solo Energy currently has one software vacancy - details here.