EIIS Fundraising Update – Green Crowd had another successful year in 2022 raising funds under the EIIS scheme to help fund three companies.
Green Tech Distributors is a newly formed company which has been established to carry on the importing and distribution of PV solar equipment as an Industry Specialist Distributor.
Throughout 2022, PV Solar Installers in Ireland have experienced uncertainty of supply from the limited number of specialised PV Solar Distributors in the Irish Market. From the start of 2022 there have been continuous shortages of products with uncertainty of supply of panels, inverters and fitting rails.
The distributors currently operating in the market, who have traditionally sourced from the UK, have found their supply channels curtailed because of UK local demand, Brexit and Customs delays. Recent supply chains established by them with EU channels have had to compete for limited European supply volumes. The consequence is that what limited stock of equipment that is available has been rationed across their customers often without a complete kit of equipment being provided to enable the PV System to be installed. This has been exacerbated by significant price increases being applied by Distributor’s due to product supply restraints.
The funds raised will be used to purchase stock directly from manufacturers for onward sale by Green Tech Distributors to Commercial Installers in the Irish Market.
Batterybox Technologies will install battery storage facilities at SME commercial premises throughout the island of Ireland.
The systems are installed at commercial premises under ‘Battery as a Service’ service agreements (“BaaS”) and Power Purchase Agreements (“PPA’s”) whereby Batterybox installs the systems and meets the upfront capital cost of installation.
Batterybox designs bespoke service agreements allowing the customer to apply the savings in electricity costs to pay for the Battery system over the term of the agreement. The customer takes ownership of the system for a nominal amount at the end of the term of the agreement.
Batterybox identified the opportunity for Battery back-up storage facilities for commercial solar PV customers to avoid power outages, to benefit through arbitrage and time of day pricing of electricity to make savings, as well as the opportunity to provide Grid Support by providing a VPP facility (Virtual Power Producer) from its distributed commercial customer base.
Avoncourt Building & Construction raised further working capital to capitalise a niche residential construction company to meet the on the growing demand for residential homes.
There is a widely acknowledged and on-going crisis in the Irish construction industry. This has primarily impacted the residential construction market, particularly the smaller, niche building construction companies. Such niche construction companies are often unable to tender competitively for, or secure, the more lucrative construction projects due to a perceived weakness in their capital base and a lack of experienced management.
Avoncourt should be better positioned to overcome the market barriers to entry and be able to successfully tender for more lucrative construction contracts that are traditionally secured by larger construction companies and institutional residential property companies.
The money raised by the company will be used to commence refurbishment works on existing buildings and building and construction on new residential projects, for developers.
We are now seeking companies who are interested in raising funds under EIIS in 2023.