Business

Heron Bros confirm seven figure investment in The Electric Storage Company

L-R: Damien O’Callaghan, Heron Bros; Eddie McGoldrick and Anne Marie McGoldrick from TESC and Emmet Heron, Heron Bros, as TESC's offices in the Innovation Factory in west Belfast.

DERRY construction group Heron Bros has announced a seven figure investment and strategic partnership with west Belfast based The Electric Storage Company (TESC).

Set up in 2017, TESC say it wants to bring cheaper, smarter and greener electricity to customers on the island of Ireland and in Britain.

It uses smart batteries to harness the energy created from renewable sources such as solar power and wind turbines.

Based on algorithms, customers can then use that energy in their home or business, giving them more control.

TESC say customers could reduce their electricity bills by over 50 per cent.

The company said the Heron backing will significantly fast track its growth plans, as it seeks to double its team of power and software engineers, and data scientists to 35 in the next two to three years.

Last year TESC announced a £780,000 expansion, backed by Invest NI.

Heron is already heavily invested in the renewable sector via wind firm Simple Power.

Heron Group managing director, Damien O’Callaghan said: “The combined strengths of Heron Bros and The Electric Storage Company will now offer an exciting and innovative proposition to help our customers on the path to net zero.

“According to recent research from leading management consultancy McKinsey’s, real estate across homes and businesses accounts for about 40% of all Greenhouse gas emissions.

“It is our belief that by improving the efficiencies in real estate (both new construction and existing buildings) that most companies can realistically reduce more than half of their emissions between now and 2030.

“This significant investment and partnership are designed to help companies and individuals do just that.”

Eddie McGoldrick, director TESC added; “The Electric Storage Company combines Northern Ireland’s expertise in power engineering, fintech and big data and we are now aiming to ‘scale up’ significantly to repeat our already successful smart approach to electricity usage across Ireland and GB.

“Our team are delighted to now partner with one of Northern Ireland’s leading construction and renewables development companies to fast track that growth.

“Our shared expertise in renewables and delivering innovative customer solutions for customers across the British Isles will bring lower costs to greener homes and businesses and help people to meet their net zero targets sooner.”

Enjoy reading the Irish News?

Subscribe now to get full access