27 Apr ECI Energy Acquires 35% Stake in Acutrace Energy Measurement Software Company
ECI Energy acquires 35% equity stake in Acutrace, an energy measurement software and systems integration company. Funding for the transaction was provided by AIB and will be used to help scale the company internationally.
Investment has been matched by Enterprise Ireland and will see Mark Connolly (CEO, ECI Energy) and Declan Hanratty (Chairman, ECI Lighting) join the Board as Non-Executive Directors.
ECI Energy Ltd. offers Irish and UK customers ‘Lighting as a Service’ (LaaS) retrofits, EV Charging as a Service and Solar PV as a Service all of which are fully funded, installed and maintained by the company. Their turnkey, off-balance sheet service agreement will now bolt on energy monitoring and verification (M&V) software for end users which will be powered by Acutrace. The joint offering will allow large scale multinational companies, utilities, REITs and semi-states to accelerate their path to sustainability while helping them achieve their ISO50001, LEED and GRESB obligations for reporting.
Announcing the investment Mark Connolly, CEO of ECI Energy said: “We are really confident that the economic outlook post Covid will improve quite quickly and for us to have run and concluded a successful DD process in the midst of a pandemic shows just how serious our expansion plans are. We are growing rapidly and have ambitions to integrate further IP into the ECI Energy portfolio. We secured major public sector wins last year and this grouping of technical and energy efficiency solutions is something which is unique in the market globally. We look forward to working with the fantastic team at Acutrace to grow both businesses internationally”.
Aidan McDonnell, CEO of Acutrace said: “We are thrilled to partner with ECI Energy to help accelerate our growth plans. Acutrace has had great success to date and we look forward to continuing to make a positive impact on the environment by deploying our Energy Measurement Software in commercial and industrial buildings around the world. ECI has a long standing and solid reputation and as part of this relationship we are confident that both businesses will offer something unrivaled in the market. We are also really pleased that Enterprise Ireland continues to support us and that they participated in this round of funding”.
About ECI Energy
ECI Energy is an energy services and technology business established in 2018. The company spun out from ECI Lighting Group which was established in 1960 by the Hanratty family and has grown over 60 years to become one of the leading suppliers of energy efficient lighting products in Europe. The Group is privately held and distributes to over 250 wholesale channel partners from its Dublin, Cork, Belfast offices. In addition, an award winning in-house architectural lighting design team have delivered lighting design projects such as RCSI in Dublin (RIAI Ireland’s Favorite Building 2018), Trinity College, DIT Grangegorman, Dublin Port, St. Vincent’s Hospital, Oracle EMEA HQ (Lighting Project of the Year 2018), The Law Society, Deloitte, Dublin Airport T2 and VHI HQ (Lighting Project of the Year 2020).
Acutrace is a software and systems integration company helping organisations to measure and control their energy costs and meet their CSR and sustainability targets. The Acutrace SaaS cloud platform helps pinpoint exactly where and when energy is being consumed and helps users to take real time, corrective actions in order to achieve significant energy savings. Acutrace deploy a mixture of wired, wireless, IoT and IIoT devices to collect data and have vast experience from existing projects throughout Ireland and in the UK. The company also provides energy consulting services for businesses and organisations who want to meet their sustainability targets and achieve international environmental accreditation.