Barclays (UK)

Have you ever thought of starting the heating remotely so that it is already cosy and warm when you step inside your home? Or switching on the lights just before you reach your driveway? This is now all a matter of pressing a button on your mobile device.

NetThings, an Edinburgh-based technology firm, has developed the first universal platform designed to simplify connecting and controlling devices over the Internet. Heating, water, electricity, security and many more included. NetThings Energy Manager, for example, is an intelligent energy monitoring device which provides users with real-time, easy-to-interpret information about energy consumption levels. You can develop an energy consumption profile and receive alerts by texts or email when limits are reached. The next step is to simply control energy hungry devices by switching them off when not required. This can be done from your smart phone whether you are in the building or off-site.

Similarly, NetThings Click makes managing energy in small commercial buildings effortless and cost-effective. This is because the NetThings systems typically deliver a return on investment within 18 months by paying for itself from the savings made on energy bills. This is not only saving money but it is also an important contribution to environmental sustainability at an individual small business level.

Barclays, an EIF shareholder, provided an EU-guaranteed loan under the InnovFin instrument that targets innovative high growth companies as part of the Horizon 2020 programme. The funding enabled NetThings to trial its new energy management system, Click, with a major hospitality group which includes national chains of pubs, restaurants, hotels and coffee shops. Click enables cost-effective management of large estates or small commercial outlets where energy consumption is high and has the potential to deliver tangible savings by eliminating waste. The loan agreement benefits from the additional support of the European Plan for Strategic Investments (EFSI) SME Window managed by EIF.

George McGhee, CEO of NetThings, said: “As an early-stage company, it was hugely encouraging for us to secure the support of a major bank such as Barclays. The local team in Edinburgh demonstrated from the start that they fully understood our market proposition and recognised the potential of the business to achieve rapid growth.” Initially targeted at the energy and building automation market, this technology is suitable for other sectors, including connected car, home medical, assisted living and security.

Business: NetThings (UK)
Type of business: Technology, controlling energy consumption over the web
EU-guaranteed loan from Barclays

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