ESB Novusmodus has lead a £12m investment in Geothermal International. 

ESB Novusmodus has invested £8.6m and other investors, including SSE Ventures, have subscribed for new shares in the amount of £3.5m. The capital will be used to fund growth in the UK market, finance the acquisition of Endurant Energy (“Endurant”) in the US, and support ongoing international expansion.

Based in Coventry, the company is Europe’s largest designer and installer of Ground Source Heat Pump (“GSHP”) systems. As an industry pioneer, it has been behind some of the most advanced projects ever undertaken including the UK’s largest “closed loop” GSHP system, and the world’s largest “lake loop” GSHP system.

Space heating accounts for a significant proportion of Europe’s carbon footprint, and as governments increase their focus on reaching carbon emissions targets at the lowest possible cost, we expect a continued trend towards low cost emission reduction technologies such as GSHP.

Geothermal International is extremely well positioned to take advantage of this expanding market. It has an unparalleled track record and expertise, built over a decade of growth. It has strong relationships with both public and private sector clients across Europe, and solid plans for further expansion, backed by Novusmodus’ support.

In addition to its environmental benefits (a reduction of energy usage and CO2 emissions by 50%), GSHP systems have significant financial advantages over other commercial heating technologies. Even against the most cost effective conventional heating systems, Geothermal International’s technology has a short payback period and a significantly longer life of over 50 years. Furthermore, because the system consumes no fuel, it represents a significant hedge against future energy price fluctuations.

Part of the capital will be used to finance the acquisition of Endurant Energy, a designer and installer of Combined Heat and Power (“CHP”) systems in the US. The combination with Endurant will give Geothermal International the ability to offer combined GSHP and CHP system solutions, and it will provide the company with a network of offices and an experienced contracting team to further accelerate its recent successful entry into the US market.

Bertrand Gautier, Novusmodus partner, said:

“Geothermal International is a world class company with a superb future. It is the clear leader in both the UK and European GSHP sectors and is well positioned in international markets to expand rapidly. GI has set industry benchmarks as a pioneer in the large scale GSHP market, and we look forward to helping it to accelerate this growth.”

Brian Davidson, CEO of Geothermal International said:

“We are delighted with the investment from ESB Novusmodus, a partner that understands the transformation we are effecting. With our latest acquisition in the US, the beginning of the RHI in the UK, and further regulatory benefits on the horizon, it is an exciting time for Geothermal International and for the industry as a whole.”
 

ESB Novusmodus investee company, Nualight Limited, last night won the prestigious Judges Award at GP Bullhound Cleantech Connect 2011.

Nualight, a global leading specialist in LED lighting for food retail, was singled out for the award from a list of the 30 fastest growing Cleantech companies in Europe. The expert judging panel comprised some of the most respected cleantech VCs, entrepreneurs and bankers.

Founded in 2004 by Dr Liam Kelly, Nualight received seed backing from Enterprise Ireland and then 4th Level ventures. In 2009, ESB Novusmodus became Nualight's largest capital provider and in 2010 the syndicate was joined by Climate Change Capital.

Earlier in 2011, Nualight bought Dutch competitor Lumoluce with backing from ESB Novusmodus, Climate Change Capital and 4th Level.

Commenting on this award, Novusmodus partner, Bertrand Gautier said:

"I am delighted for Liam and the team. This is a product of all the hard work they have put in. It is also evidence that the Celtic Tiger lives on in Cork, creating wealth and jobs."
 

Novusmodus investee, Nualight acquires LED technology company Lumoluce to serve fast growing retail and commercial markets

Nualight, a leading specialist in lighting for food retail, has announced the acquisition of Lumoluce, an LED lighting technology Company based in the Netherlands. The deal brings Nualight’s 2011 revenues to above €25m, and number of employees to over 200. The acquisition values Lumoluce at more than €10m and expands Nualight’s product offerings to its core market.

Novusmodus actively assisted Nualight throughout the negotiation process and provided funding with a €4m investment, alongside its other investors, including Climate Change Capital.

Nualight is already recognised as a pioneer in LED lighting for refrigerated displays in food retail. In recent years, leading global food retailers including Tesco, Migros, Sainsburys, The Co-operative Group, Tengelmann and Carrefour have replaced fluorescent lighting with Nualight’s products in their frozen food displays, yielding energy savings of up to 70%.

The deal will accelerate Nualight’s expansion into the high-growth accent lighting market. Coupled with its existing refrigerated display lighting products, the acquisition allows Nualight to target a significantly larger combined market which is predicted to reach an estimated annual size of €1bn circa 2016.

Dr Liam Kelly, CEO of Nualight, said: “Food retailers want new technologies to make their business models as sustainable as possible. In terms of price and performance, LED technology is fast approaching the tipping point for accent lighting in food retail. Through this acquisition, Nualight has acquired a portfolio of products and excellent technology expertise that allows us to move very quickly into accent lighting for food retail and doubles the speed at which we can bring new products to market.”

Bertrand Gautier, a Partner of Novusmodus and a Director of Nualight said: “Following a focused strategy, Nualight has established itself as one of the leading LED solution suppliers for food retailers. We are pleased to support Nualight’s growth which this deal accelerates. Within the high growth accent lighting market, this strategic acquisition will strengthen Nualight’s distribution channels in continental Europe and expand its product portfolio. Nualight will be a one-stop shop for LED lighting."

For more information, visit:
www.nualight.com
 

Airvolution Energy today announced that Richard Mardon will be joining in October as the company’s first Chief Executive Officer. Mardon is one of the UK’s foremost wind energy executives and will bring a wealth of experience to the company. He is currently Managing Director of Your Energy, one of the UK’s leading independent wind farm developers, which last year became a subsidiary of the AES Corporation.

Airvolution Energy specialises in small onshore wind power projects of 1-3 turbines, primarily on brownfield sites that have a significant energy requirement. It was founded in 2010 as a partnership between cleantech fund ESB Novusmodus and Savills, the leading property adviser. Richard will now build a team around him and increase the volume of projects being put into planning. The aim is to have around 10-12 projects consented each year – roughly 30-50MW.

Richard Nourse, Director of Airvolution Energy and Managing Partner of Novusmodus said: “In its short life to date, Airvolution has achieved an extraordinary amount in securing sites and planning consent for small wind farms. Now is the perfect time to bring in a senior manager of Richard’s calibre and take the company to the next level.”

Richard Mardon said, “I am thrilled to have been offered this very exciting opportunity. It’s vital that we maximise the UK’s wind energy resource, and there is a huge untapped potential of small, brownfield sites across the country. Airvolution is perfectly positioned to exploit this attractive niche”.

 “I am immensely proud of my achievements at Your Energy culminating in its sale to AES last year. Now 18 months have successfully elapsed, it is a good time for me to move on. I am sure AES and Your Energy will continue to go from strength to strength.”
 

Novusmodus has announce a further investment of £1.0 million into Lumicity, a UK-based developer, owner and operator of solar photovoltaic (PV) projects. This investment is part of a £2.0 million round, in cooperation with Ludgate Environmental Fund. 

ESB Novusmodus has led a €20m investment into Irish ‘on-site’ wind energy developer, Wind Energy Direct (WED). 

Novusmodus has agreed to invest €2.5 million in SELC, the developer and manufacturer of electronic lighting controls and photocells based in Mayo, Ireland. SELC is well placed to take advantage of the shift towards efficient street lighting in what is a very large global market, further aided by current environmental legislation in Europe and the US. The capital will be used to develop the international business and increase the production capacity of the company.

SELC’s patented electronic digital ballasts, are used in the operation of external lighting, particularly street lighting. They enable cities, councils and municipalities to reduce dramatically both carbon emissions and energy costs by controlling the lamps more efficiently and allowing for the remote monitoring and dimming of lights.

The energy efficiency of the product means that the payback period is between 2 and 4 years based on energy savings alone, and without the requirement of a subsidy.

Benefits of SELC’s digital ballasts compared to older magnetic ballasts:

§         Reduction of energy consumption by between 30% and 70%

§         Reduction of CO2 emissions by corresponding percentage

§         Significant reduction of maintenance costs

§         Extension of lamp life

§         Ability to monitor, control, and dim lights remotely

The market for SELC’s products is huge with more than 93 million street lights in the EU and 63 million in the US. Currently 99% of these lights use magnetic ballasts, the old analogue technology. EU and US legislation currently coming into force has effectively banned the use of these magnetic ballasts in new street lights.

In addition to street lighting, SELC’s products are also suitable for warehouses, car parks and industrial sites, and these areas alone account for around 145 million installations per year. The worldwide market is estimated to be worth $5bn.

Speaking at the announcement, Minister for Energy, Communications and Natural Resources, Eamon Ryan said; “We will recover if we invest in ourselves. Today’s €2.5 million investment in SELC is welcome news for the County Mayo company and shows real confidence in their products and ability. The world wants green products and SELC can provide them. It is further evidence of how we can help the economy as we help the environment. I wish them well.”

ESB Chief Executive, Padraig McManus added; ‘’ESB is delighted to be investing in SELC, an extremely innovative company whose world-class products bring a cost effective solution to a global market. We believe it will become a leading Irish exporter of clean technology’’.

SELC President and Founder, Sean Noone, said: “We are very happy that ESB Novusmodus has decided to invest in us, further evidencing the quality of our offering and our enviable market position. The fund’s financial backing and strategic advice will be invaluable as we bring our products to markets around the world”.