The State-owned electricity group is taking a stake of about 25 per cent in Endeco via its €200 million NovusModus fund.
Endeco, previously known as Wirelite Sensors, is already backed by high-profile private investors including the Cairn Homes chief executive, Michael Stanley, and Sarah Bean, the Irish head of beauty products multinational Coty, whose brands include Davidoff and Rimmel.
Conor Stanley, a tech investor and a member, alongside Michael Stanley, of a well-known property industry family, is also an investor. Endeco’s other shareholders include AIB’s Seed Capital Fund, ACT Venture Capital, andEnterprise Ireland.
In addition to the ESB investment, Endeco has also raised more than €1 million from its other shareholders, including EI. Endeco, which operates primarily in the UK market.
Endeco will more than double its workforce to 46 staff following the investment. It currently sells its technology to more than 200 businesses in the UK, such as factories and transport companies. Its products help clients reduce power consumption by automatically adjusting their control systems.