Watt Footprint Secures a €7 Million Funding Package for Global Expansion led by the Davy EIIS Fund

BDO Ireland
News
2024
Watt Footprint Secures a €7 Million Funding Package led by the Davy EIIS Fund for Global Expansion

Watt Footprint is excited to announce it has secured an investment package of €7 million led by the Davy EIIS Fund, managed by BES Management DAC, a joint venture between Davy and BDO. Watt Footprint is an international award-winning energy management company. This strategic investment, made through the 2023 Davy EIIS Fund, is set to accelerate Watt Footprint’s market expansion and growth initiatives, including further developments in their cutting-edge technology platform.

BES Management DAC is the dedicated Manager of the Davy EIIS Fund, a pioneering joint venture between Davy and BDO. With a rich history spanning 25 years, BES Management has successfully raised and invested over €225 million in 195 SMEs, solidifying its position as Ireland's longest running and most experienced BES/EIIS Fund Manager.

Established in 2020, Watt Footprint is leading a revolution in the energy sector. Making the expertise of a full energy management team accessible to every business and setting a new standard for energy efficiency and cost management. In addition, Watt Footprint has developed an advanced proprietary software and state-of-the-art technology platform, leveraging AI and machine learning for detailed meter data analysis and automating bill reading and interpretation, offering businesses an unparalleled energy management solution.

With the rise in energy costs and increased focus on sustainability, globally, businesses are seeing energy reduction, not just as a green initiative, but a financial necessity. With a clear value proposition “delivering real energy savings for businesses”, Watt Footprint has experienced consistent growth and demand for its services providing a unique solution for businesses both in Ireland and internationally.

Watt Footprint currently employs twenty expert energy specialists from energy auditors, and engineers, to software/technology experts and project managers. With this new investment, employment numbers will reach forty-five by year end. In addition, the company has opened new offices in London and Dubai with further plans to expand into the US and EU.

Watt Footprint, under the leadership of Paul Mahon and Paul O'Reilly, has demonstrated an innovative approach to energy management which has already made a significant impact in the market. We are thrilled to support their dynamic team as they embark on this next phase of growth and expansion. This investment underscores our belief in their vision and our commitment to backing ambitious businesses that are shaping a more sustainable future

Sinead HeaneyDirector of BES Management DAC, the Manager of the Davy EIIS Fund and Partner at BDO Ireland

Paul O’Reilly, chairman and co-founder of Watt Footprint, Sinead Heaney, director of BES Management DAC and Paul Mahon, chief executive and co-founder of Watt Footprint. Photo by Colin Judge

The partnership with the Davy EIIS fund marks a significant step in the journey to realise our vision for Watt Footprint. The investment will be fundamental in accelerating the next stages of launching our software platform to the Irish and international markets - a significant achievement for the company and marking an exciting future ahead.

Paul MahonCEO & Co-Founder of Watt Footprint

We are thrilled that Watt Footprint has partnered with the BDO EIIS Fund, marking a significant milestone in our business. This investment is part of a 3-year strategy to accelerate our growth and help fund international expansion into new markets. This investment will allow Watt Footprint to support businesses on their path to the ever increasing zero carbon targets.

Paul O’ReillyChairman & Co-Founder of Watt Footprint

About BDO:

Established by entrepreneurs for entrepreneurs, BDO is the leader in advising and funding ambitious Irish businesses, helping them to grow in domestic and international markets. Through its own professional expertise and by working directly with companies, BDO has developed a unique insight into what makes companies successful. The firm provides a range of services which include audit, tax, corporate finance, corporate recovery, corporate secretarial, consulting, payroll, risk advisory services, talent management and technology services.

BDO employs over 500+ staff in Dublin, Limerick, Cork and an affiliate office in Belfast.

BDO is a member firm of BDO International. The BDO International network has 115, 611 partners and staff working in 1,776 offices across 166 countries around the world.

About Watt Footprint

Established in 2020 by Paul Mahon and Paul O’Reilly, Watt Footprint’s mission is to change the way people see and use energy. Watt Footprint enables businesses to regain control over their energy usage and cost. Offering energy audits, grant support, energy monitoring and project management of energy upgrades. The full suite of services helps businesses make real savings. With over 700 clients across Ireland & the UK, Watt Footprint have saved 35,494,246 kWhs for businesses.

Watt Footprint is an award-winning energy management company with offices in Dublin, Mullingar, Galway, London and Dubai.

Listed as one of the Sunday Times Best Places to Work 2024, Regional Award Winners at National Enterprise Awards 2024, National Enterprise One to Watch 2023 and Awards Great Places to Work 2023.