Energy firm awarded €800k for expansion

AN energy firm based in Kilkenny is to get an €800,000 investment to fund its expansion.

The Bank of Ireland seed and early stage equity fund, which is managed by Cork-based Kernel Capital, has led the investment in Hybrid Energy Solutions.

The syndicated investment comprises of a €500,000 injection by the Bank of Ireland seed fund, with the remainder of the funds provided by Simple.ie Green BES fund.

Hybrid Energy Solutions is a specialist provider of hybrid renewable energy systems. Chief executive and founder Nick McGrath said the investment will allow the company 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,” Mr McGrath said.

Hybrid Energy’s solution includes DC generators, solar panels and wind turbines. The company has offices in Dublin and Dubai.

It is focused on providing easy to maintain power solutions for off-grid telecommunications base stations worldwide.

Standard generators typically operate 24 hours a day, consuming around 50 to 60 litres of diesel. Hybrid claims it only requires 10 litres of diesel per day and the engine only needs to run five to six hours per day to power the base station.

Hybrid’s technology has been deployed in almost 100 global sites and current customers include Meteor, Telefonica, O2, British Telecom and Cinergy.

Head of high potential start-ups at Enterprise Ireland, Greg Treston said Hybrid’s commitment to research and development&, 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,” he said.

Hybrid Energy , was established in 2006 by a team of former GE Energy employees in response to an identified market demand for renewable energy based hybrid power generation technologies.