The ESB and its cleantech fund advisor GreenCoat, is to invest €7million in Dublin-based energy management equipment manufacturer Cylon Controls.
The investment is being made through the ESB Novusmodus Fund, which provides growth capital and management support to companies working in cleatech.
Cylon, which manufacturers building energy management systems, is one of the largest independent building control providers in Europe. It also has offices in Asia, the Middle East and the US. The investment will be partly used to finance of the acquisition of the smart buildings solutions firm American Auto-Matrix.
As part of the transaction, Greencoat Capital's Bertrand Gautier and Paul O'Donnell will be joining the Cylon board.
Cylon Controls was a University College Dublin spin-out company, established in 1985 by Sean Giblin.
“ESB’s investment in Cylon Controls is a win-win formula which sees the company benefit from our technical expertise, investment support and utility endorsement and positions ESB at the forefront of progressive energy utilities striving for a sustainable energy future,” said ESB chief executive Pat O’Doherty.