EnOcean Receives Venture Capital InvestmentAugust 22, 2008
Lenders including 3i and Wellington Partners invest 4.5 million Euros in the company's expansion.
OBERHACHING/MUNICH, Germany--(BUSINESS WIRE)--EnOcean GmbH has received 4.5 million euros for acquisition of new markets worldwide and continued development of its self-powered wireless technology for energy-efficient systems in the building sector. This brings the company's total amount of venture and growth capital since it was founded to over 20 million euros.
EnOcean is the market leader in the field of wireless sensors for applications in building and industry. With an annual turnover and sales growth of 100 percent, the company has sold some half a million units and estimates the market potential for self-powered wireless modules to be several hundred million modules a year. New international customers include Masco Corp., USA; Leviton Co. Inc., USA; Honeywell International Inc., USA; and Eltako GmbH, Germany.
Due to the major success of the EnOcean Alliance, which manages worldwide standardization of EnOcean technology and co-finances the marketing of products that use EnOcean technology, lendors and investors had even further incentive to invest in EnOcean's expansion.
"This new financing will be focused on expanding the European and North American markets, and establishing new markets, especially in Asia. In addition, we're investing in further development of our technology and products," commented Uwe Thumm, CFO of EnOcean GmbH.
The investors with the largest shares are Wellington Partners GmbH, Munich and 3i Group plc, London. Venture capital has also been provided by Emerald Technology Ventures AG, Zurich; Siemens Venture Capital GmbH, Munich; Siemens Technology Accelerator GmbH, Munich; BayTech Venture Capital Beratungs GmbH, Munich; and ATMOS S.p.A., Milan.
Rolf Dienst, general partner of Wellington Partners GmbH, sees very high growth potential ahead for EnOcean GmbH. "I'm convinced that EnOcean can tap this enormous market potential with its technology for energy-efficient solutions," said Dienst, "You might say EnOcean technology is the quasi foundation for smart, green buildings."
EnOcean's business model will remain unchanged with this new investment and the target market will remain sensor technology for sustainable buildings.
EnOcean GmbH, established in 2001 and headquartered in Oberhaching near Munich, develops innovative, self-powered wireless sensor technology. The company manufactures and markets service-free and flexible wireless sensor solutions for use in buildings and industrial installations. The products are based on a combination of miniaturised power converters and reliable wireless transmission. More than 500,000 of the company's wireless components are already in use.
EnOcean GmbH employs more than 40 people in Germany and the USA, and cooperates with well-known manufacturers of system solutions for building and industrial installations engineering worldwide. EnOcean has won numerous awards, most recently the "Batimat Innovation Award in Bronze" at Batimat 2007, as well as the "Best innovation in green product and services" award of the Working Buildings Week Innovation Awards 2007, the "Building Product Innovation Award" at the 100% Design London Awards 2007, the "BuildingGreen's 2007 Top-10 Green Building Products" and the title "Technology Pioneer 2006" of the World Economic Forum. EnOcean GmbH is a promoter of EnOcean Alliance Inc., established at the light+building show 2008 on April 7.
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