Bord na Móna sells its 50% stake in Limerick firm Viotas

Chief Executive of Viotas, Paddy Flynn

Bord na Móna has sold its 50% stake in the Limerick-based smart grid company Viotas, which provides customers with technology to measure their energy consumption.

The semi-State body is expected to make a significant return from the deal following the growth of Viotas since it invested in the company in 2016.

Viotas founders Paddy Finn and Duncan O’Toole entered into a contract with Goodbody stockbrokers and AIB to acquire the Bord na Móna stake ahead of plans to scale the company in international markets.

Mr Finn and Mr O’Toole also raised additional growth capital for these expansion plans.

Viotas uses smart grid technology to measure the electricity usage of large electricity consumers and their increasing and decreasing consumption.

This is done through what Viotas refer to as a Virtual Power Plant. The company then trades these Virtual Power Plants in the electricity market where it competes against conventional fossil fuel power stations and generates revenue for participating customers.

This service has been noted as useful in balancing power grids where traditional power generation is giving way to increasing levels of renewable energy.