Cylon Controls, a spin-out manufacturing energy management equipment, has secured a €7m ($9.56m) investment from Irish gas and electricity provider ESB. The investment was made through the Novusmodus Fund.
Part of the investment will be used to acquire smart buildings solutions firm American Auto-Matrix. Meanwhile, Greencoat Capital’s Bertrand Gautier and Paul O’Donnell will be joining the Cylon board.
Novusmodus Fund is a €200m initiative with ESB as the sole investor, and Greencoat Capital as the fund’s advisor. The cleantech fund is used to invest in companies focused on renewable generation, energy management and energy efficiency. A third of the investments to date has been in Irish companies.
Spun-out in 1985 from University College Dublin, Cylon provides smart energy control systems for buildings. Since its incorporation it has grown to become one of the largest independent building control providers in Europe. The company has also opened offices in Asia, the Middle East and the US.
Pat O’Doherty, chief executive at ESB, said: “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.”
