PassivSystems, a provider of intelligent connected energy services for residential homes and for optimising solar PV assets, today announces its intention to float on AIM. The Company seeks to raise up to £12 million, giving upon admission to AIM an indicative market capitalisation of £40 – 45 million. Dealings are expected to commence in April 2014; Altium Capital is acting as Nominated Adviser to the Group and Oriel Securities is acting as Broker.
PassivSystems was founded in 2008 by the Group’s CEO Colin Calder, a telecommunications technology entrepreneur and headquartered in Newbury, Berkshire. At a time when the UK consumer is under an ever increasing financial strain with respect to energy costs, the Group recognises that there is an opportunity in the home energy and appliance control market for the right combination of hardware and software as a service to deliver savings for consumers.
PassivSystems’ software platform is built to support a range of applications, with immediately deployable solutions available for home heating, hot water and solar photovoltaic (“PV”) management. The platform connects homes and the heating equipment used in them to a central platform to enable optimisation of energy usage, improve comfort levels and deliver control and guidance in a convenient manner to users.
PassivSystems currently provides two product lines:
- PassivPro – a software platform for monitoring solar PV assets and helping to maximise solar PV yields and financial returns; and
- PassivLiving – a software platform for managing domestic heating and energy costs and consumption, which a PassivSystems’ study shows achieving an average of approximately 23% savings on a customer’s annual heating bill.
