EnergyPro Asset Management Limited is raising £2m of equity funding to advance its growth strategy of bridging the energy transitions in the UK and India through technology transfer and investment.
EESL EnergyPro Assets, EPAM’s joint venture with the Indian Government’s energy service company Energy Efficiency Services Ltd (EESL), has been named the UK’s fastest-growing Indian owned company by Grant Thornton, with the Confederation of Indian Industry. EESL is backed by the Indian Ministry of Power and four state energy companies.
With EPAM providing advisory services ranging from the identification of opportunities to execution of transactions and post-transaction management, EPAL has executed over £60m of investments.
EPAL’s first and most significant UK investment was the 2018 acquisition of Stockport-based Edina, a market leader in the engineering, installation and aftersales support of decentralised gas-fired power plants and Combined Heat and Power (CHP) and trigeneration systems.
EPAM’s relationship with EESL has facilitated several other opportunities for EPAM in India, and provides insight into key policy decisions and future technology requirements.
Dr. Steven Fawkes, Chair of EPAM, said: “We have been inspired by India’s commitment to scaling-up energy efficiency, and the work of EESL which as well as contributing to solving India’s energy challenges has a global impact.
“Our joint venture achieving the number one spot in the India meets Britain tracker of fastest-growing companies, is a testament to the progress we’ve achieved together with EESL, but it’s a step along the way of a much bigger journey.
The Indian government is committed to improving energy efficiency and EESL has implemented a number of world leading programmes including UJALA which has delivered over 360 million LED lamps on a commercial model. The World Bank estimates energy efficiency in India to be a US$12 billion opportunity.
EPAM is dedicated to commercialising and deploying energy efficiency technologies in India and the UK in support of the UN’s Sustainable Development Goals, particularly to double the global rate of improvement in energy efficiency by 2030, promote access to research, technology and investment into clean energy, and expand and upgrade energy services for developing countries.
EPAM believes it can facilitate up to £500m of investment over the next five years.
EPAM has a pipeline of some 20 live opportunities – five well progressed, and has signed a MoU with two clients including a UK provider of highly efficient process heat technology wishing to enter the Indian market, an opportunity estimated to be worth some $50m annually.
These include a company that has, in partnership with UK gas network operators, developed and proven a new design of process heater for use in the gas supply and chemical industries; also the manufacturer of a patented electric motor and control system that radically improves engine efficiency, with potential applications in vehicle e-superchargers, air compressors and fuel cell compressors.
EPAM is also focusing on several further companies developing technologies with applications in the Indian energy market, including a developer of EV charging infrastructure, a developer of grid-scale energy storage systems, and a provider of AI based building control systems that enable grid integration.
EPAM is seeking funding of £2m to build out the EPAM team and associated infrastructure to enable execution of the pipeline it has generated, and build further links within the Indian market.
Dr. Steven Fawkes added: “India’s fast-growing economy is rich in human initiative, with strong historic links to the UK. We have witnessed first-hand the commitment, throughout government and industry, to de-carbonising the economy and building a sustainable future for India’s 1.4 billion people.
“We have also identified a major opportunity for UK companies to participate in the growth of the Indian low-carbon sector.”
EPAM is assembling an advisory board of industry professionals.
According to the IEA’s India 2020 Energy Policy Review, “India is making great strides towards affordable, secure and cleaner energy… With a population of 1.4 billion and one of the world’s fastest-growing major economies, India will be vital for the future of the global energy markets.”