Construction BUSINESS

ESB NovusModus, ESB’s clean tech fund, is to invest €3.3 million in Endeco Technologies which is part of a growing portfolio of investments. This investment and ongoing partnership will enable ESB’s Smart Energy Services division to leverage from Endeco’s cutting-edge technology, as part of an overall portfolio of energy solutions, to significantly reduce energy costs for large-scale energy users.

ESB’s Smart Energy Services is a complete energy management solution that offers all of the skills and expertise of a global energy innovator for businesses, enabling them to unlock a smarter and more efficient way of managing energy which will result in cost savings and new revenue streams.

Paul Mulvaney, executive director of Innovation at ESB, said: “This strategic partnership with Endeco expands our portfolio of smart energy services, transforming how customers manage, consume and optimise their energy.

“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.”

This strategic partnership with ESB will grow Endeco’s workforce from 20 to 46 and allow Endeco to further develop their smart grid optimisation solutions technology. Endeco Technologies has a considerable presence in the GB energy market offering similar services, having worked closely with National Grid to pioneer innovative fast-response energy management services and is the only Irish aggregator to have provided frequency response services in the British market.

Michael Phelan, founder & 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. 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 who invested a further €1 million alongside the ESB.