Bord na Móna takes 50% stake in smart-grid technology firm

Bord na Móna has acquired a 50 per cent stake in smart-grid technology firm Electricity Exchange for an undisclosed sum.

The start-up, co-founded by entrepreneurs Paddy Finn and Duncan O’Toole, operates a virtual 24-hour power station from its base in Castletroy inLimerick.

Their technology allows them to remotely control back-up generators and reduce power consumption in large industries at specific times of power shortages on the grid.

Bord na Móna believes the technology will allow for greater penetration of renewables.

Ireland’s power system faces a challenge in delivering on its 2020 renewable-energy target, which commits the State to sourcing 40 per cent of its energy needs from renewables.