Wireless energy management firm WEMS International has been sold to an equity fund for £13million. London and Munich-based private fund manager WHEB Partners bought a majority share in the firm whose customers include BT, Waterstones and Fitness First.
The fund’s Managing Partner James McNaught-Davis, who led the deal, said the UK was leading the way in green technology: “WEMS presents another shining example of the role that UK technology leaders can play in the green industrial revolution gathering momentum around the world.”
The wireless system adjusts the heating, ventilation and air-conditioning (HVAC), lighting and security systems across the buildings of shop owners and telecoms companies. WEMS says firms can save 15-30% on energy a year with the system.
WEMS plans to invest the new money in sales as well as product development and will target the US and Europe for expansion.
WEMS’ Technical Director and co-founder Joe Blower said: “We are experiencing strong demand here in the UK and there are clearly international opportunities too.”