German power company Eon has been hit hard lately and is now making a bet on the future of energy efficiency by purchasing matrix and expanding it throughout the UK. Matrix at the moment manages energy for commercially owned buildings and is thought to be valued at £85m.
Matrix was founded eight years ago in 2003 and states that it can help to reduce energy consumption for large businesses by as much as 40% due to a combination of data management and energy efficiency steps. It has many large businesses as its clientele including BT and Marks & Spencer. It controls all energy use from its remote centre located in Glasgow. For instance, it can adjust air conditioning after hours and turn off any equipment or lights that are not in use.
The business itself is based in Manchester and was able to turn over about £54m in revenue during 2012 and currently has a staff of 340. Even though Eon purchased the company it will remain its own brand but will be able to double its capability in the UK as a result of the buyout.
Eon was facing pressure to diversify its portfolio because of the high costs of continuing to burn fossil fuels to provide energy within the UK. Chief Executive of Eon Connecting Energies, Herve Touati, stated that the deal will bring with it plenty of opportunities for Eon and it will help them strategically move into a new market within the energy efficiency industry.
He explained that it will allow their portfolio to become more sophisticated then it was in the past and will help bring new opportunities because of the expertise for energy building that Matrix has already capitalised on. In addition, the UK is placing a great deal of pressure on energy companies to reduce their bills and CO2 emissions making businesses like Matrix posed to do well in the coming years.