- New investment of €1.5 million
- Sales Pipeline of €10.12 million across UK and Ireland
- 7th consecutive quarter of growth for the company
- 32% increase in sales year on year
- Company trials planned in several international markets
climote is delighted to announce that new investment totalling €1.5 million has been invested into the business by existing investors. This investment is a key element of the ambitious research and development (R&D) programme underway by climote 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 strong sales pipeline come 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% in 2018 compared 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 is delighted to have 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.
The climote team will continue to partner with key energy industry stakeholders to address the need for clean, secure and affordable energy supply to meet the needs of current and future customers. Innovation and collaboration are central to this approach, ensuring that climote can partner with industry to meet the emerging energy market needs into the future.