With energy costs continuing to increase and pressure on businesses everywhere to manage competitiveness, energy management company Endeco Technologies is an Irish company with global potential.
Founded in late 2007, Endeco Technologies has developed a range of wireless energy management technologies that can be employed to automatically measure and control energy intensive electrical equipment. With energy savings of 25% and a return on investment within 12 months for the average customer, Endeco has been able to assist its customers, including Supervalu, Topaz and Henderson Group (NI), improve net profitability.
Following a consultation with a Dublin Business Innovation Centre (Dublin BIC) project manager in May 2009, it was agreed that the company (formerly Wirelite Sensors) would join Dublin BIC’s Client Assistance Program with the aim of attracting outside investment in the company. Dublin BIC worked closely with the Endeco Technologies’ team on business planning and strategy, specifically in the areas of market analysis, competitor analysis, commercial issues and go-to-market strategy.
As soon as it was investor ready, with a robust business plan finalised, Dublin BIC made arrangements for a number of investment related meetings, including a presentation to Halo Business Angels Partnership and a consultation with AIB Seed Capital Fund.
In January 2011, €750,000 was secured by Endeco Technologies through a process, co-ordinated by Dublin BIC, involving AIB Seed Capital Fund, Enterprise Ireland and a number of private investors. The investment has been used for the creation of 30 new jobs, primarily in design and development, and to fund entry into the UK and European markets.
Michael Phelan, founder and CEO of Endeco Technologies; “In our energy management and demand control solutions Endeco has a very relevant technology and one that has a direct and positive impact on our customers’ competitiveness. Even though we have these important factors in our favour, we still required support and assistance to get things off the ground.
For any entrepreneur, it can be a very isolated process setting out to convince investors to back the development of a new product. What worked very well for us was that we had a DBIC advisor who was hands-on and accompanied us through every stage of the Business Planning phase right up to arranging our investment and securing our private investors”.
Endeco Technologies saw continued success in 2011 when the company was named a finalist in the Sustainable Energy Authority’s Innovation Awards. It has also received funding from SEAI to develop a virtual power plant, testimony that Endeco Technologies is leading the way in energy demand management and the development of the Smart Grid.