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Endeco Raise €800k Funding

CategoryBusiness

DateMonday, January 31, 2011

Author

Endeco Raise €800k Funding

Smart Energy Technology Company to Use Early Stage Investment to Expand Local & International Marketplace

ENDECO_Tom_Bean_Michael_Phelan_and_Alex_Hobbs_Dublin_BIC.jpg A smart energy technology company, Endeco Technologies, has secured €800,000 in funding from the AIB Seed Capital Fund (€550k), Enterprise Ireland and a number of small private investors (together €250k), which it will use to to grow its controls business in the Irish and international markets.

The company has invented, and develops and supplies wireless energy / demand management technologies and automation systems to supermarkets, hotels, healthcare, telecommunications, utility and other companies whose energy costs are a significant part of their overall cost. Endeco claim its product can save retailers up to 25% on their energy costs by using wireless sensors and automated control of energy intensive electrical equipment such as refrigeration, lighting, heating and air conditioning in stores.

Company founder and CEO, Michael Phelan (pictured centre), said: "This investment will allow us to ramp up sales and marketing activities and to further evolve our smart energy management and control products. Ireland has the potential to lead this huge international market for intelligent and efficient energy management. Endeco is now well positioned, post investment, to gain significant market share internationally for our products."

Tom Bean, Sales & Marketing Director of Endeco (pictured left), said: "Our energy saving product is already operational in retail stores and petrol forecourts and it has been well received by the operators and owners of these stores. We have the potential to expand to the larger food producer and cold storage markets where we are seeing strong interest from several new prospects. The product is wireless which greatly reduces the cost and time to install the equipment and gives our customers a return on their investment of under 12 months. With energy costs likely to rise in the year ahead, this is an important issue for businesses seeking to improve competitiveness and margins."

The €53 million AIB Seed Capital Fund was launched in 2007 and invests in start-up and early stage Irish companies or enterprises with high international growth potential. Dublin BIC (Dublin Business Innovation Centre), co-fund manager, select, negotiate and manage all first round investments of up to €250,000 and follow-on investments by the Fund in start-up and early stage companies based in the city or county of Dublin. The Fund can invest a maximum aggregate investment in any one company of up to €1.5 million.

Talking of the Endeco funding, Alex Hobbs of Dublin BIC (pictured right), said: "We are focused on innovative companies like Endeco in the smart energy management sector who have already demonstrated successful early market traction. Endeco is an excellent example of a high-potential start-up that has significant growth opportunity both at home and abroad. We believe it has significant scaling opportunities in international markets."

Endeco was supported by South Dublin County Enterprise Board during its initial start up in 2007.

The company says it plans to create 30 new jobs by 2012.

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