3 Apr 2013

Mad Energy says savings on track

2:22 pm on 3 April 2013

The energy efficient lightbulb maker Energy Mad says it is on track to achieve annual savings of $900,000 by 2014.

In February, the company again downgraded its earnings, forecasting a $1.1 million loss and promising to cut costs.

Mad Energy chief executive Paul Ravlich says he's focusing on its Direct Install business in New Zealand, which is aimed at cutting power bills.

Managing director Chris Mardon is focusing on lifting sales, including a new ecobulb in Australia.

Energy Mad has also secured $1 million for funding for projects with 21 US utilities through 1100 Walgreens stores in 2013.

The company is also in talks with two other large US retail chains.