21 Dec 2010

Capital needed by energy firm for overseas expansion

3:46 pm on 21 December 2010

Energy Intellect, a company based in Wellington, is looking for capital to expand overseas.

The company began in 1998 with three personnel, who designed electricity meters for industrial and commercial companies.

Now it has more than 40 employees and an annual turnover of $7.5 million. It made a record profit of $1.1 million in 2010 and paid its first dividend to shareholders.

Half its income is generated in Australia, but the company needs more capital to realise its potential in overseas markets.

Chief executive Mark Fairey says one of its key projects is "Interruptible Load", a device that allows major energy users to automatically reduce their electricity usage when the national grid is under stress.

He says the technology detects any drop in frequency, enabling an instant response.

Aiming for 300 installations

Energy Response and Meridian pay for the installation of the device, and users receive payments if they cut their electricity in times of need.

One hundred and twenty systems have been installed so far and the company is aiming for 300.

Mr Fairey believes the company, which has had some significant government grants in recent years, has strong growth potential if it can get more capital.

He says it may consider bringing in a key shareholder to boost capital and help commercialise the technology overseas, particularly in the United States.