PassivSystems Limited seeks crowdfunding investment to accelerate UK and overseas growth

Colin Calder, chief executive of PassivSystems

PassivSystems Limited has launched a fundraising campaign on Crowdcube that will enable the company to accelerate its growth strategy. The initial target of £650,000 will provide additional working capital to support faster deployment of its smart energy management services for utility companies, solar PV asset managers and the fast-growing district heating markets.

“We have demonstrated solid demand for our technology and services based on long-term contracts and recurring revenue streams from our major partners,” said Colin Calder, chief executive of PassivSystems. “Now we have an opportunity to build on our success as the demand for smart energy management in homes continues to grow – both in our UK and overseas markets. The prevalence of solar, battery storage, electric vehicles, smart appliances and electric heating has created an unstoppable momentum in clean, distributed power that is fundamentally changing the way that we generate and consume energy.

“Our smart home energy asset management services enable us to reduce lifetime operating costs for consumers making our services compelling for equipment manufacturers, financial institutions and energy companies.”

Strong, predictable business model

PassivSystems counts Western Power Distribution (WPD), Wales & West Utilities (WWU), Foresight, E.ON, EDF Energy, British Gas, Engie and Hitachi among its tier one customers. It has more than 40,000 solar PV systems under management using a business model that generates recurring revenues.

This market offers excellent growth potential with over 800,000 solar PV systems installed in the UK alone. Typical service contracts range from 3 – 20 years, providing long-term, predictable revenue streams.

The company is forecasting more than 80% revenue growth this financial year and is EBITDA profitable on a quarterly basis.

A portfolio of leading-edge technology

PassivSystems has a strong track record of collaborative research with world-class research partners including University College London and the Energy Technology Institute. Through its R&D programmes it aims to transfer intellectual property to commercial products.

The company’s secure, scalable cloud-based PassivEnergy energy services platform is the result of over 200 man-years of R&D. The platform collects approximately 2 million metre readings from homes each day. Using advanced weather adjusted algorithms and machine learning, the platform optimises operational performance of solar PV, home batteries and heating equipment.

Its smart heating service has been demonstrated to significantly reduce lifetime operating costs to UK households worth hundreds of pounds a year per household. It has been selected by leading utilities to help differentiate their supply services.

“The residential energy market has been largely untouched for over 60 years and as the clean power generation revolution continues to unfold, the wealth creation in the industry will be very significant for companies who enable grid flexibility,” commented Calder.

“PassivSystems has a highly experienced, focused and driven team with a track record of building successful companies in rapidly changing markets. Through our crowdfunding campaign, we look forward to welcoming many more investors to share in the success of our exciting journey.”

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