General Electric acquires Energy Innovation Centre member
08 December 2011
Irish energy company FMC-Tech is a shining example of the success that can be achieved with support from the Energy Innovation Centre.
Just two and a half years after contacting the Centre for help, FMC-Tech had a proven smart-grid compatible technology with global scope - and in late 2011 the company was acquired by industry giant General Electric.
FMC-Tech is now gearing up for large-scale deployment of its intelligent real-time line monitoring system, in a move set to benefit both the wide scale energy industry and consumers.
FMC-Tech’s leading edge technology improves power line management and fault detection, bringing greater efficiency and reduced costs.
Mike McCormack, founder of FMC-Tech, explained that the Energy Innovation Centre and its partner Distribution Network Operators have played an instrumental role in the company’s success to date.
Mike McCormack said: “I have always believed 100% in my team and our technology, but given the difficult economic climate and the scaling required to grow the business, at times it felt like we had an impossible task ahead".
“The Energy Innovation Centre not only helped us to raise substantial funding through the Innovation Funding Incentive (IFI) scheme and develop the technology commercially and technically, but gave us all kinds of general business support and acted as that all important sounding board for ideas.”
FMC-Tech continues to work closely with three of the Energy Innovation Centre’s partner distribution network operators; Electricity North West, ScottishPower Energy Networks and Scottish & Southern Energy through the IFI initiative. And these companies and their customers will be first to benefit from the roll out of the technology.
Mike McCormack said: “The work we were doing with the Energy Innovation Centre and DNOs as an IFI funded project brought us very much into the public domain, and caught the attention of the industry. We formed a decision as a company, because of the technology’s international scope, to actively look for a partner to optimise the adoption of the technology globally. The completion of the deal with GE is an excellent outcome for the management and shareholders of the company and we are now in the process of integrating the company and technology into GE Energy.”
FMC-Tech’s head office remains in County Clare, Ireland, and is part of the Smart Substation segment of the Digital Energy business, led by Juan Macias. The company is now adding additional resources to the business to accelerate development and commercial activities.
Denise Massey, Director of the Energy Innovation Centre, said: “We are the delighted the Centre has been able to contribute to such a successful deal, not only for FMC-Tech, who have worked so hard to create a commercially viable innovation, but for the potential this brings to the energy industry and customers who will all benefit from this smarter power distribution monitoring.”
