Scottish energy management company Ewgeco has secured nearly £1 million from Archangel Informal Investments and Scottish Enterprise, through the Scottish Investment Bank’s Scottish Co-investment Fund (SFC).
The company, based in Edinburgh, creates display systems that monitor any energy source in homes and businesses. This investment is set to drive an expansion programme in to new commercial markets.
With an already successful track record in the housing market the company, which employs 14 people, is on track for 300% per cent growth in the second half of 2012.
George McGhee, chief executive of Ewgeco, said: “We value the continued support of Archangel and Scottish Enterprise. This latest commitment to our business will significantly impact on our overall growth plans for the company.”
“This cash investment will also contribute to our research and development practice from which we continue to look at new, innovative ways to help customers in their energy management.”
Ewgeco’s range of monitoring systems were originally designed to cut energy costs and consumption in homes. The commercial viability of the product soon became evident with the business community looking to cut energy consumption and ultimately costs.
McGhee continues: “In a tough economic climate businesses are constantly looking at cost saving measures and our products can deliver results with an average return of investment in 12 months.”
John Waddell, chief executive of Archangel Informal Investments, said “We are pleased to have had the opportunity to support Ewgeco’s development and plans for expansion.”