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enModus receives $1.6 million in additional funding
Date posted: 13 June 2011
Secured to develop unique home energy management solution
Chepstow, UK. 13th June 2011 – enModus, the UK-based home energy management company, has received $1.6m in funding from Andromeda Capital to complete the development of its ground breaking technology and web services.
The enModus solution is build around Wattwave – a powerline communications technology that has been developed specifically for this application. Wattwave will power a range of retrofit and embeddable home energy management products, allowing homeowners to monitor and control individual appliances with unrivalled performance and at a fraction of the cost of existing solutions. Coupled with an intuitive, engaging and fun user interface, enModus will offer homeowners the services they need to monitor, control and effectively reduce their power consumption.
Andy Heaton, enModus CEO commented: “The market for home energy management has been around for a while now, but mass market penetration has been stifled by expensive and poorly performing solutions. The homeowner wants a solution that works everywhere in the home, without exception – and they want it for almost nothing! The hardware should be effectively invisible to the homeowner; it’s the web based services that deliver the true value.”
On the investment from Andromeda, Heaton added: “I’m delighted that Andromeda have shown faith in the enModus team and our technology. We share the same vision for the way the market will develop and how the company can position itself to take full advantage of this growth.”
Glenn Woodcock, Andromeda’s Investment Director who will join the board at enModus said, “We are delighted to be supporting enModus. There is a real need in the market for a product like this and the team are brilliantly qualified to deliver it.”
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enModus is a next generation home energy management company with a unique technology that has been developed specifically and solely for this rapidly expanding market. It has developed Wattwave, a powerline technology that allows retrofit or embedded hardware to perform well in every corner of every home at a fraction of the cost of existing solutions. enModus’s hardware products and web based services allow homeowners to cost effectively monitor and control their home appliances, potentially reducing consumption by up to 20%.
About Andromeda Capital: Andromeda Capital is a UK based investor in early stage companies focusing on renewable energy and education/media technology.