TECHNOLOGY start-up firm NetThings, which aims to cut companies’ energy costs by tapping into the “internet of things”, is on course to deliver a near-threefold increase in turnover this year amid rising demand for its services.
The Edinburgh-based firm, previously known as Ewgeco, has developed a range of web-connected devices that monitor power consumption to show where savings can be made – according to research by British Gas, 46 per cent of all business electricity is outside normal working hours because many devices are needlessly left on around the clock.
NetThings chief executive George McGhee said the company’s clients could generate a return on investment within 12 to 18 months of installing its devices, which can cut their power bills by up to 20 per cent.
He said: “The last person who leaves the premises at night can switch off everything with one swipe.”
As well as developing a graphical user interface that can run on tablet computers and smartphones, the firm designs its wireless energy management systems in-house and outsources production to J-Teq, a Livingston-based contract manufacturer.
Sales reached £1.2 million last year and McGhee told Scotland on Sunday that revenues for the current financial year would be about £3m.
Backed by angel investor syndicate Archangels and the Scottish Investment Bank, NetThings employs 20 staff at its base in Chesser. McGhee said its head count is expected to rise to about 25 this year, although it faces intense competition for skilled software engineers.
The firm is working with German metering firm Ista to monitor heating and water consumption in social housing and is looking at break-ing into the Middle East market with services to control air conditioning.
SUBSCRIBE TO THE SCOTSMAN’S BUSINESS BRIEFING