Business

Saturday 23 September 2017

Energy firm backed by Eddie Hobbs gets €427,000 boost

Eddie Hobbs
Eddie Hobbs
John Mulligan

John Mulligan

AIRSYNERGY, the wind energy technology company backed by investors including Eddie Hobbs, has received a further €427,000 in funding.

It brings to about €1.3m the amount that's been injected into the firm in the past few months.

The company has developed a wind turbine that improves air flow management and results in about 100pc increase in the electrical power output compared with that of a conventional turbine.

One of the company's turbines would typically produce enough electricity to power up to two homes for a year. Airsynergy, which is headed by chief executive Jim Smyth, also wants to scale up its technology over the next two years to build bigger turbines.

Airsynergy's products start paying for themselves after three to five years, according to the company.

It has recently signed a distribution deal for the US and Caribbean.

It expects its wind turbine as well as a wind-powered streetlight to go on sale in those markets shortly.

Airsynergy, based in Longford, has received over €5m in backing since it was established.

Irish Independent

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