Renewable Devices offers to donate profits to charity as it unveils fuel-poverty challenge

Published on Sunday 3 August 2008 22:02

A SCOTTISH micro-generation firm has vowed to give its entire profit for the next year to charity if a company or individual takes up its challenge to help alleviate fuel poverty before the winter.

Edinburgh-based Renewable Devices said it was seeking an organisation to buy 250 of its Swift Rooftop Wind Energy System – turbines installed in urban areas – to be installed before the winter at the homes of people in danger of falling into fuel poverty.

In return the company, which was founded by engineers from the University of Edinburgh, promised that it will donate any profit it makes from the entire year's trading to a charity dedicated to alleviating fuel poverty in the UK.

Dave Anderson, who co-founded the company in 2002, said the challenge was aimed at energy or utility companies, some of which are reporting "quite despicable profits".

Anderson told The Scotsman: "What we'd like to think is that it would be a BP or perhaps any of the major utilities that would take up the challenge, but it wouldn't matter if it was Cadbury or Coke, or even an individual that wants to make a difference."

Fuel costs hit the headlines last week after British Gas warned it is to increase its retail prices by 35 per cent, raising the prospect of millions of Britons facing 100 a month energy bills.

Renewable Devices, which signed a deal with US-based Cascade Engineering to mass produce its turbines, broke into the black in the year to 30 June, 2008, reporting a profit of around 25,000. "This year it should be quite a lot more than that because we're growing quite fast, but even if it was only 25 grand, it's still a fairly useful amount," Anderson added.

The turbines, which cost around 3,000 each, offset domestic carbon emissions and reduce electricity consumption. Renewable Devices claims the system provides a return on investment within five years.

Earlier this year the firm revealed that it had sold a 2 per cent stake to an Australian insurance company for 600,000, which gave the company an implied valuation of 30 million.