Endeco to get €3.3m boost for its demand-side response tech
The technology, which financially incentivises heavy energy users such as metal and chemical manufacturers to briefly pause or shift their consumption to asist the National Grid in keeping the grid balanced, will recive the cash injection as part of ESB’s €200m private equity fund, managed by Greencoat Capital.
Endeco’s DSR innovation provides the demand management services to the National Grid by manipulating its customers energy using assets without impacting operations, with the firm claiming it is the most advanced in the industry allowing it to offer a wide range of services including static and dynamic firm frequency response, DuoS and TRIAD avoidance as well as smart tariffing and imbalance management.
Paul Mulvaney, Executive Director of Innovation at ESB, believes the strategic partnership with Endeco expands its portfolio of smart energy services, while also 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,” he said.
Michael Phelan, Founder & CEO of Endeco, added: "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.”
The investment has also been 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 into the technology alongside the ESB.
