Edinburgh Firm Get Smart With £20m in Savings to UK Businesses
An Edinburgh-based energy firm that started at a kitchen table is celebrating its tenth anniversary of “smart grid” operations, by announcing it has surpassed the £20 million mark in benefits for its customers. Flexitricity, a former Archangels’ portfolio company (exited in 2014), said it had generated £12m in direct revenue for UK businesses since going live in 2008, by helping them respond to shortfalls and excesses in the nation’s energy supply. It has also helped large energy consumers save £11m in network charges, by helping them reduce load and increase on-site generation when UK energy demand is at its highest. The firm racked up £4.3m in turnover in the year ending March 2017, its best year of trading to date.
Managing director Ron Ramage said: “The past decade has been one of tremendous growth for Flexitricity, and our ambition is to use these results as a platform for further growth. There are exciting times ahead for the company and our partners, as we move into the supply and energy trading side of the market – an industry first – which will provide yet another string to our bow as we develop another lucrative revenue stream for our customers.”
The firm’s customers include small generators and business electricity users, including commercial greenhouses, warehouses, NHS hospitals, universities, banks, datacentres, and manufacturers, and the growing pool of district heating schemes which provide low cost energy to help alleviate fuel poverty. It now employs 35 people at its Edinburgh headquarters, and is aiming for further growth after announcing it is set to move into the supply market later this year.