Renewable energy firm secures €800,000 for expansion
Published 20/04/2011 | 05:00
AN Irish company that develops renewable energy technologies that can be used in some of the world's poorest and most remote regions has secured €800,000 in commercial investment to help its expansion.
Kilkenny-based renewable-energy company Hybrid Energy Solutions develops energy-efficient power generators used to power telecom infrastructures in locations that do not have access to power grids.
Cork-based venture capital firm Kernal Capital led the €800,000 investment. The investment will finance expansion into overseas markets, including paying for product trials and market testing in the Middle East, Europe and South America.
Hybrid Energy's products are in use in 100 global sites and are used by Meteor, Telefonica, O2, British Telecom and Cinergy.
The company currently has six full-time and six part-time staff.
The new investment has been syndicated, with €500,000 coming from the Kernal Capital managed "Bank of Ireland Seed Fund" and €200,000 provided by Simple.ie Green BES Fund.
Hybrid Energy is a Waterford Institute of Technology campus company, set up by a team of former GE Energy employees in 2006. It has been backed by Enterprise Ireland.
CEO and founder Nick McGrath said: "This significant investment will allow us to drive further growth in international markets. This infrastructure is life-changing for people in remote communities and connects them to the world.
"Our solution can enable access to humanitarian aid, medical and financial support not to mention business opportunities as well as education whilst simultaneously enabling direct energy savings."
Kernal Capital specialises in investing in early stage start-up companies in Ireland that it believes have high growth potential.