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Climote's Derek Roddy, left, and Eamon Conway. Tony Kinlan

Industry heavy hitters are backing this Irish startup with their own cash

Climote gets over €1 million from investors who want a piece of the smart-metering company.

TWO ENERGY-INDUSTRY HEAVY hitters have reached into their own pockets to invest in giant-killing Irish startup Climote as part of a million-euro injection into the fledgling firm.

Former Bord Gáis chief executive John Mullins and Ian Marchant, the ex-boss of UK power giant SSE, have each bought a piece of the award-winning smart metering company.

The pair previously oversaw companies with a combined annual turnover of more than €30 billion and both will join Climote’s advisory board as part of the deal.

The Dundalk-headquartered company recently signed a €10 million deal with ScottishPower – beating Google-backed competitor Nest to the contract.

Mullins said the ScottishPower deal proved to him that Climote could “take on the biggest players in the industry and win”.

I have been using Climote’s technology in my own home for many years now, so to be in a position where I will be part of the team driving Climote forward is very exciting,” he said.

“Within the next few years, every home throughout Europe will be able to remotely manage their energy use and Climote is well positioned to play a leading role in this industry-wide change.”

Mullins said he was looking forward to helping Climote enter new markets and create more products, and expand its market share.

Eamon Conway MD climote, Ian Marchant, John Mullins, Derek Roddy CEO climote Ian Marchant, centre left, and John Mullins, centre right, with the entrepreneurs behind Climote.

A big cash boost

Climote was tight-lipped about the value of the pair’s cash injection, but company records reveal Marchant recently bought €100,000 in shares.

Another €300,000 went to Dublin firm Willis Trustsure Ltd and €1.1 million in shares went in two tranches to Global Impact Business Inc, based in the British Virgin Islands.

Earlier this month Climote was named Ireland’s national champion at the European Business awards for its digital meters, which provide remote control of home heating and hot water services – including via its smartphone app.

Climote Twitter / Entechirl Twitter / Entechirl / Entechirl

Since its official launch in 2012 it has signed partnerships with Electric Ireland and Power NI.

The company is the brainchild of ex-Honeywell executive Eamon Conway and smart-homes entrepreneur Derek Roddy.

Some local competition

Nest, which Google bought for about €2.5 billion earlier this year, announced it was launching in Ireland this month in direct competition with Climote.

It claims to be able to save households up to 20% on their heating bills by learning how people warm their homes and automatically adjusting temperatures.

READ: Anyone for a smart thermostat? Google’s Nest to arrive in Ireland later this month

READ: Dundalk smarter homes start-up wins European business gong

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8 Comments
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    Mute Colm Molloy
    Favourite Colm Molloy
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    Sep 24th 2014, 7:33 AM

    Well done all, hopefully a whole range of jobs and money will be created by supplying the domestic and worldwide markets
    I’d rather buy this product than one where almost all the purchase money leaves the country
    Hopefully as much as possible is manufactured here and the after sales servicing supplied from here too

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    Mute David Burke
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    Sep 24th 2014, 9:04 AM

    Pretty sure none of it’s manufactured here as there is no money in that. Money is designing and selling the things and running the company.

    12
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    Mute alex
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    Sep 24th 2014, 7:36 AM

    Way over priced, see inspire home automation for better alternative….

    20
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    Mute David Burke
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    Sep 24th 2014, 9:03 AM

    Had one for a few years now and it’s been useful. The only thing is lots Irish people will see very marginal savings as we are already so stingy with the immersion and heating. In places like the US where people just stick the heating on all day smart meters can make a huge difference. Ireland not so much.

    Nest is actually pretty poor but very fashionable.

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    Mute Rangertwozero
    Favourite Rangertwozero
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    Sep 24th 2014, 8:40 AM

    Looks like a nice gadget to have in the house. Unfortunately most people probably won’t be able to afford it only for the rich among us. Good idea though.

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    Mute J
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    Sep 24th 2014, 8:02 AM

    Horrible name

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    Mute Myles
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    Sep 24th 2014, 10:41 AM

    €400…ouch
    No outside temperature sensor, how can you optimise start stop function?
    Sorry but the Austrian “WebBrick” is far better option and allows you to integrate more systems and it is similar price.

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    Mute James Darby
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    Sep 24th 2014, 9:12 AM

    Well done. Always a great entrepreneurial culture around Dundalk

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