Posted 03 July 2014
Cylon Controls secures €7 million investment
The ESB Novusmodus Fund, the ESB’s cleantech and resource efficiency fund, is to invest €7 million into Dublin-based Cylon Controls Ltd, a leading manufacturer and developer of Building Energy Management Systems (BEMS), delivering hardware and software solutions to control, monitor and maintain building environments, maintaining occupant comfort.
Cylon Controls, a University College Dublin (UCD) spin-out company, is one of the largest independent building control providers in Europe with offices in Asia, the Middle East and the US. The company’s services have been proven to decrease clients' energy costs by up to 25%. Its best-in-class technologies have recently been selected for Terminal 2 Dublin Airport, Google’s European head-office in Dublin and 20 Fenchurch Street (Walkie Talkie building) in London.
This investment is being used for the continued growth of Cylon Control, including the financing of the acquisition of US-based company American Auto-Matrix, thus adding complementary technologies, access to broader markets and allowing Cylon Controls to challenge established international players and significantly increase its US presence.
The BEMS market is a multi-billion dollar global industry. As building operators face rising energy costs, growing regulatory requirements and other challenges associated with a low-carbon economy, the role of efficient energy management is rapidly gaining in prominence and value, placing superior offerings such as Cylon’s in a very exciting position.
Cylon Controls was established in 1985 by Seán Giblin to commercialise engineering research carried out by him at UCD. Since then Cylon Controls has developed and maintained a strong partnership with the University, especially through the UCD School of Electrical, Electronic and Communications Engineering and NovaUCD. UCD is also a significant customer of Cylon having installed the Cylon Active Energy system throughout the University
Greencoat Capital is sole investment adviser to ESB Novusmodus and as part of the transaction, Greencoat Capital’s Bertrand Gautier will be joining the Board of Cylon.
Seán Giblin, CEO, Cylon, said, “We are delighted with the investment from ESB Novusmodus and the support from Greencoat Capital who have shown themselves more than capable of growing Irish technology companies. With their strategic council and financial support, we are very excited about the next chapter in Cylon’s development.”
Commenting on this investment, Pat O’Doherty, ESB Chief Executive 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.”
Bertrand Gautier, Partner of Greencoat Capital, said, “Cylon is perfectly placed to take advantage of some significant structural trends whereby occupiers of commercial buildings are becoming more and more sophisticated in the way they manage their considerable energy and resource requirements. Ireland continues to produce world-class cleantech companies, and we are excited to help take them to the global stage. Cylon has an exceptional management team, and we look forward to continuing to support them as they build on their international success.”
Welcoming the announcement Brendan Cremen, UCD Director of Enterprise and Commercialisation said, “University College Dublin is delighted to have developed a strong partnership with Cylon Controls, since it spun-out of the University, nearly 20 years ago. I would like to congratulate the company on this significant announcement which will assist in driving the company forward into the future.”(Produced by UCD University Relations)
