TECHNOLOGY firm Ewgeco has secured £500,000 from the Archangel syndicate and the Scottish Co-Investment Fund for its push into the United States and has beefed up its board.
The Edinburgh-based company makes equipment that monitors how much energy customers are using in their homes or offices and then shows the information on a simple display. Clients can then look at ways to cut down on their electricity usage to save money.
Mark Crosier, founder of electronic sensors maker DeepStream Technologies, and Wolfson Microelectronics chief technical officer Richard Laming are joining Ewgeco’s board as non-executive directors.
Ewgeco has also appointed sales veteran Douglas McArthur to spearhead its assault on North America by looking for partners.
In the UK, the company already has deals in place with partners including FTSE 250 outsourcing specialist Mitie.
McArthur, originally from Scotland but now based in Chicago, has more than 20 years’ experience in international sales and has spent five years working on “green” technologies such as light-emitting diodes (LEDs) and wireless lighting controls.
Chief executive George McGhee revealed that business development director Tanya Ewing, who was one of the company’s founders, is stepping back from day-to-day operations to join crowd-funding body Bloom VC. However, she will remain as a shareholder.
He added: “The drive and passion Tanya brought to the business will be missed. We wish her every success and understand her desire to seek a fresh challenge outside of the company she founded seven years ago.”
News of the funding and appointments comes as Ewgeco revealed turnover for the year to 30 April has more than doubled to £750,000 from £350,000.