Scottish energy management firm, Ewgeco, is embarking on an expansion drive to bring its pioneering real-time energy display monitoring system to businesses across the UK.
has secured nearly £1 million of new investment
that will help fuel the expansion drive. The Edinburgh-based company’s award-winning, patented 'traffic-light’ display energy system
was originally designed to cut energy costs
and consumption in homes, but Ewgeco is now looking to deploy it at scale across businesses.
"In a tough economic climate businesses are constantly looking at cost saving measures and our products can deliver results with an average payback of 12 months," George McGhee, chief executive of Ewgeco, said.
The new funding has been raised through Archangel Informal Investments and Scottish Enterprise, through the Scottish Investment
Bank's Scottish Co-investment Fund (SFC).
Tanya Ewing, inventor of the Ewgeco technology, said the investment would enable Ewgeco to invest in new stock, larger premises and additional staff. "Its gives us the ability to move up a level," she said.
The company says it is on track for 300 per cent per cent growth in the second half of 2012. It sold 1000 units in the first quarter of the year.
Ewgeco products are not cheap; the price tag per unit is £500, but Ewing said they were delivering "phenomenal" results for businesses that invest in them.
"They are suitable for literally any type of business and the results have been unbelievably fantastic," she said.
Ewing said Ewgeco was working very closely with a facilities
management partner to deliver the offering to businesses. "Over the last 12 months we’ve put over a 100 systems into businesses throughout Scotland and England," she said.
In one case, an eco-friendly print company that had already introduced a range of energy saving measures introduced Ewgeco’s real time monitoring system and by doing so reduced electricity spend from 68 pence per hour to nine pence per hour, said Ewing.
In the first few months of installing the system, the client has saved 29 per cent on its electricity bill equating to an anticipated annual saving of £6,400.
The new investment will also contribute towards research and development at Ewgeco, which says it is looking at innovative new ways to help customers in their energy management.
The original Ewgeco, which Ewing invented in 2006, was the first real time energy display monitor on the market.
Among the new products the company is now developing, said Ewing, are domestic and business solutions to work with smart metering.
Like this story? Please subscribe to our free weekly e-newsletter at the top of the page for more content like this.