climote announces new €1.5m Investment to help drive their R&D programme

climote has announced new investment totalling €1.5 million has been invested into the business by existing investors. This investment is a key element of their research and development programme in the area of smart grid services, the electrification of heat, electric vehicle (EV) charging and home battery storage. climote continues to pioneer the use of technology which enables the reduction in the use of fossil fuels, helping to reduce energy usage and greenhouse gas emissions.

A sales pipeline of €10.12 million is now in place for climote across the United Kingdom and Ireland from both current and new customers. Currently, climote have trading relationships with large blue chip customers including SSE, ESB Group, Scottish Power, local authorities, public bodies, heating and electrical trade professionals and homebuilders. This sales pipeline comes on the back of 7 consecutive quarters of growth for climote (Q1 2017 – Q3 2018), which has also resulted in a 25% increase in staff within the company.

climote sales are up 32% year on year with the same period in 2017 with growth being experienced across all sectors of the business. These sales have been predominantly, but not exclusively from the UK and Irish markets, however, the company has embarked upon a number of significant new international trials. As part of these international trials, it is expected that climote will sign a Memorandum of Understanding (MOU) with at least one international partner within the next two quarters.

climote’s technology is used in a suite of home energy management products and services primarily within the utility sector, and future developments will be focused on bringing scaleable solutions addressing international trends on decarbonisation. Investors and advisors include Ian Marchant ex CEO of SSE Plc and John Mullins ex CEO of Bord Gáis.

For more information visit http://www.climote.ie/