Two Munster energy companies have announced a merger that will lead to the creation of up to 80 new jobs.
Cork consultancy firm Energy Services, and Straightline Energy Solutions, based in Killarney, are to merge to become ActionZero.
The firm has patented new technology that generates heat in a process that eliminates the need for fossil fuel. The product, called EscoPod, offers a solution for difficult-to-decarbonise high-temperature heat across a range of market sectors.
The new company currently has 22 staff based in both Cork and Kerry, with sales staff deployed throughout Ireland.
It is expected to add a further 80 jobs over the next three years as demand for its services increases.
The CEO of the newly merged entity is Denis Collins — formerly of IBM and previous chairman of IDA Ireland Regional Development.
ActionZero is also one of a suite of green-energy companies in which businessman Pearse Flynn has a major interest.
Energy Services was established as a power and energy consultancy 28 years ago by Cork businessman Tom Lynch, and has operated in over 16 countries around the globe.
Straightline Energy Solutions has a strong track record of developing innovative green technologies for use in industry.
“It’s no secret that we’re facing a climate crisis, and as the world continues to push towards a zero-emissions future, we’re here to make that a reality,” said CEO Denis Collins.
“There’s a significant global market opportunity, and ActionZero is a highly skilled organisation that clearly addresses that, delivering fully-funded solutions through patented technology and analytics to make a better planet for all.
“The Munster region will be the place to be, as we strive to create a cluster of energy-focused organisations in our area that will serve the world as a global energy hub. Together we can create a triple helix to collaborate with industry, government, public sector and academia, all working towards the common goal of a future free of emissions.
“The road to zero starts here, and it’s one I’m very proud to be on.”
Public expenditure and reform minister Michael McGrath welcomed the merger.
“Ireland’s ambition is to more than halve carbon emissions over the course of this decade,” he said.
“We need all sectors working together, developing new cutting-edge technology, and ActionZero is an example of that. I’m looking forward to seeing Denis and the team at ActionZero bring value and growth, as well as high-quality jobs, to our energy sector in the coming years.”
Separately, one of the world’s biggest makers of wind turbines cut its outlook for the year, citing commodity inflation and disruptions to supply chains.
Denmark’s Vestas Wind Systems now expects full-year revenue to be about 3% lower than a previous forecast. The revised outlook comes as the renewable energy developers continue to face rising costs for raw materials like copper and steel, metals that are essential for the wind-energy industry.