Eindhoven, the Netherlands, October 10, 2016 – Innecs Power Systems BV, a Dutch provider of solutions that enable industrial sites to increase their energy efficiency, has received a substantial growth equity investment to support its further international expansion.
The financing was led by main investor Brabant Development Agency (BOM Capital) and Finindus, a Belgian investment company backed by ArcelorMittal and the Flemish Region. The new funds will be used to invest in sales and marketing and to set up a network of local distribution partners to capitalize on international growth opportunities.
“We are experiencing active demand from Europe, the Middle East and Asia across our product portfolio. The new funds enable us to scale up the organization and take advantage of these promising opportunities,” said Reidar Koolen, CEO of Innecs. “Apart from continuing our productive partnership with BOM, we are very pleased to welcome our new investor Finindus. They have relevant expertise, an extensive industry network and a direct link to ArcelorMittal, the world’s largest steel producer. We look forward to working with them as we realize our growth plans.”
Founded in 2004, Innecs offers a range of intelligent solutions to help industrial sites and small to medium-sized businesses increase their energy efficiency and reduce their environmental impact. In Europe, multiple customers are already relying on Innecs’ BoilerBurner to comply with regulation to reduce nitrogen oxide (NOx) emissions. Meanwhile, Innecs’ SteamExpander and PowerBurner use innovative technology to help industrial clients generate both steam and electricity to power on-site processes in a cost-effective and responsible manner.
“There’s an enormous potential for energy savings in the industry segment. In an ideal world everyone, even industrial sites, should exclusively use renewable energy, but the energy transition is a process that won’t happen overnight. With more than 60,000 steam boilers in Europe alone, fossil fuels will remain crucial to the energy supply of industrial sites for decades to come,” Koolen continued.
“Innecs has a unique and realistic approach to addressing the energy and environmental efficiency of industrial companies, which account for a considerable share of total energy consumption in the world,” commented Miriam Dragstra, Director of BOM Capital. “We are pleased to continue our partnership and enable this innovative company to realize its ambitions in and outside Europe.”
“After years of development work, Innecs has managed to build a balanced portfolio of intelligent solutions that are ready to address a serious need in the market. Industrial groups are increasingly interested in energy efficiency, not only because of cost considerations but also to reduce their environmental footprint,” said Hans Maenhout, Investment Director at Finindus. “Innecs’ solutions have been designed with simplicity and efficiency in mind, they are compact and have a short payback period, which are all key differentiators in an industrial context.”
The Brabant Development Agency (BOM) endeavors to promote an innovative and resilient economy in the Dutch province of Brabant, giving the region a lasting competitive edge in a rapidly globalizing world. The emphasis in this policy is focused on the top economic clusters, crossovers between these clusters, and linking these clusters to social issues.
BOM encourages companies, local and national authorities and knowledge institutes to realize the economic ambitions nurtured by the province of Brabant. The starting point in this is to provide smart solutions to social problems. BOM’s core tasks involve forging alliances between companies and institutions, attracting foreign companies, investing risk capital in both innovative startups as well as growing companies and developing business sites. (www.bom.nl)
Finindus is a Belgian investment company backed by ArcelorMittal and the Flemish Region. Finindus invests in early stage and growth companies, with a specific focus on materials, material processing and sustainable manufacturing. (www.finindus.be)
For further information please contact:
Reidar Koolen, CEO at Innecs.
Tel. : +31 (0)85 – 27 33 160