HYBRID ENERGY Solutions, a Kilkenny-based renewable energy firm, has secured an €800,000 venture capital investment from the Bank of Ireland Seed and Early Stage Equity Fund and Simple.ie Green BES Fund.
The Bank of Ireland fund, managed by Kernel Capital, led the round with an investment of €500,000.
Hybrid Energy is focused on providing greener energy to telecom base stations which are not connected to the electricity grid.
A standard diesel generator runs 24 hours a day and consumes 50-60 litres of diesel a day. Hybrid Energy says its system uses 10 litres of diesel a day and the engine only needs to run five to six hours a day. The system includes DC generators, solar panels and wind turbines.
The system is in use at 100 sites with customers including Meteor, Telefonica, O2, BT and Cinergy.
“This significant investment led by Kernel Capital will allow us to drive further growth in international markets,” said Nick McGrath, chief executive and founder of Hybrid Energy.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/sandbox.irishtimes/GW3FWAURWFGM7FF4RMYJLBG7ZI.png)