Green Energy Options - Innovative Energy Display Company A Market Leader
- Early stage grant for research and development paves the way for further funding
- Major contracts secured, including British Gas
- GEO is now a leading player in a rapidly growing market
- The company has 30 staff, and a turnover of £7m
Located just outside Cambridge, Green Energy Options (GEO), is a company dedicated to making energy consumption 'visible' - whether at home or at work. GEO designs, develops and manufactures a range of energy monitors that provide visual evidence of the amount of energy being consumed by a building. The aim is to help reduce energy consumption by providing a display which is easy to use, that engages the user, and then encourages immediate action - switching off appliances, for example, or lowering a thermostat. As a result, the user saves money, helps protect the environment, and lowers CO2 emissions.
GEO was formed in 2006, when 'real time' energy monitoring technology was in its infancy. 'The market was very embryonic, but we had big plans,' says Simon Anderson, GEO's COO. 'When we started, there were only two of us, no employees, and we outsourced our development.' GEO first approached EEDA for 'Proof of Market' funding (part of the Grant for Research and Development scheme), which helped the company define the market opportunity and establish the first product concept. 'This funding gave us the confidence to proceed with our idea, and gave us the cushion required to research the market properly,' says Anderson.
The funding also led to an application for a further £76,000, awarded by EEDA under the Grant for Research and Development scheme. 'EEDA's Grant for R&D funding was specifically linked to product development, so we used the money to fully develop a prototype of the product which has become the core of our current range, and the foundation of all other product variations. At that time, other wireless energy displays were available, but they were very technical. We created a design which was much easier to use and understand, and the version we produced has been simplified even further as market awareness has grown.'
The prototype led to a pre-production model which the company trialled with the University of East Anglia before securing additional funding, in the form of a Government-backed Enterprise Finance Guarantee (EFG) for £1m. This loan was the largest, yet sanctioned under the EFG scheme, and enabled GEO to go into full-scale production. Now, four years after starting, the company employs 30 people, sells six products, and has a turnover in the region of £7m. It has also recently secured a major contract with British Gas which provides an important route to market, and which is paving the way for further contracts and even greater growth.
'EEDA funding made a significant contribution to our early stage development,' comments Anderson. 'The application process for the Grant for R&D was simple, concise and effective, and we received good support and assistance from EEDA. During this time we also secured angel funding, and this combined with the EEDA grant, provided the financial starting point we needed to progress this particular stage of the business.'
GEO is now a success story; it has established a leading position in an accelerating market where new entrants include major players such as Intel, Apple and Panasonic, further evidence that GEO's initial vision was correct.
The company is also an advocate for reduced energy consumption, promoting the message to a wider audience by, for example, working with local schools, and attending the recent Copenhagen summit on climate change. The future for GEO now looks secure. In particular, the multi-million pound supply contract with British Gas, finalised in 2009, established a business model for product distribution, which GEO aims to replicate through additional contracts, thereby further increasing the volume of products reaching consumer and business markets and sustaining the company's already impressive growth.