Business Irish

Friday 19 January 2018

Airsynergy raises €4.5m in funding

Airsynergy CEO Jim Smyth
Airsynergy CEO Jim Smyth
John Mulligan

John Mulligan

Airsynergy has completed a €4.5m fundraising round as it advances plans for a full commercial launch of its products.

The Co Longford energy firm expects to add up to 12 jobs in the next 12 months, in fields including engineering, legal and business development.

The company, based in Granard, already employs 20 full-time staff.

The firm was founded in 2008 and has developed technology that accelerates the speed at which wind flows past the blades of a wind turbine, increasing the level of power produced.

The technology allows turbines to produce twice the annual power of a traditional turbine, according to power readings from renewable energy advisers DNV GL, with a 20pc increase in capital expenditure.

The technology could mean that wind turbines can be placed in areas where previously they were thought unfeasible.

Its initial sales focus is mainly on Ireland, the UK and the US, where Airsynergy has licensees for its products.

The company will roll out 50 Phase 1 projects in Ireland, the UK and the US in the coming weeks, chief executive Jim Smyth confirmed.

Airsynergy is also targeting Denmark, Germany and the Middle East where it is in negotiations with a number of potential partners.

Financial adviser Eddie Hobbs and former Airtricity chief financial officer Ciaran O'Brien are on the Airsynergy board.

Airsynergy recently lured Kingspan executive Tommy Williamson to join the firm as product development director. He was previously in the same role at Kingspan's environmental division.

Airsynergy has been planning to change its status to a plc.

That would enable shares in the company to be traded on the so-called grey market at some stage in the future.

Irish Independent

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