KILKENNY based Hybrid Energy Solutions have secured €800,000 in investment from Kernel venture capital.
Hybrid Energy Solutions are targeting the telecoms industry with in the developing world. They provide an energy efficient self contained generating unit that can power mobile phone networks in parts of the world where there isn’t a reliable electricity network.
Nick McGrath, the CEO and founder of Hybrid Energy Solutions, originally from Maudlin street in Kilkenny set up his company after he had been let go from his previous job in the power generation industry. He identified a niche in the market for more fuel efficient generation to be used in conjunction with telecoms network. “I worked with generation companies. We were supplying the markets with standard generators. I went about trying to find a better mouse trap,” said Mr McGrath.
Working with a company based in California Mr McGrath developed a energy solution for the telecommunications industry that provides reliable power and uses much less fuel.
Standard generators typically operate 24 hours a day consuming circa 50-60 litres of diesel per day. The Hybrid solution only requires 10 litres of diesel per day and the engine only needs to run 5 – 6 hours per day to power the base station. To date, Hybrid’s technology has been deployed in almost 100 global sites resulting in substantial customer savings. Current customers include Meteor, Telefonica, O2, British Telecom and Cinergy.
Hybrid Energy Solutions have set up offices in Dubai and Dublin and currently they are in the process of establishing a Kilkenny based premises. The Kilkenny office will handle sales, marketing and project management.
The potential for growth in the market is massive. Mr McGrath said that currently there are about half a million sites using standard generators to power mobile phone networks, the number of sites is expected to increase substantially over the next two years. In India alone Vodafone 120 million of litres of diesel a year. Enterprise Ireland have identified Mr McGrath’s company as a high potential start up.
Greg Treston, Head of High Potential Start Ups at Enterprise Ireland, said: “Enterprise Ireland has worked closely with Hybrid Energy and is delighted to have been an early investor in this highly innovative export-oriented company in 2010. Their commitment to R&D, technology excellence and customer service have positioned them in a lead position within the sector. They continue to win new business, grow their export sales, and open new markets. We look forward to continuing to work with Hybrid Energy to further develop their international business.”
Mr McGrath “This significant investment led by Kernel Capital will allow us to drive further growth in International Markets. We are proud of our role in helping Communities in some of the World’s poorest and remotest regions by delivering critical power to telecommunications infrastructure. This infrastructure is life changing for people in remote Communities and connects them to the rest of 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.”