Investment & Fund Management
faced challenges in the energy
Full Credential Description
NetThings, an Edinburgh-based technology firm, faced challenges in the energy management sector, particularly in simplifying the connection and control of various devices over the Internet. Their innovative solution, the NetThings Energy Manager, provides real-time monitoring of energy consumption, allowing users to develop consumption profiles and receive alerts when limits are reached. This system enables users to control energy-hungry devices remotely via a smartphone, significantly enhancing energy efficiency.
To support their growth and the trial of their new energy management system, Click, with a major hospitality group, NetThings secured an EU-guaranteed loan from Barclays under the InnovFin instrument, which targets innovative high-growth companies. This funding was crucial for NetThings, as it allowed them to implement their technology in environments with high energy consumption, such as national chains of pubs, restaurants, hotels, and coffee shops. The Click system is designed to deliver a return on investment within 18 months by reducing energy bills, thus providing both financial savings and contributing to environmental sustainability.
The partnership with Barclays and the backing from the European Plan for Strategic Investments (EFSI) SME Window not only validated NetThings' market proposition but also positioned them for rapid growth in the energy and building automation market, with potential applications in connected cars, home medical devices, assisted living, and security sectors.