Mobile power equipment maker Power Oasis has raised £4.5m from Yorkshire fund YFM Equity Partners to help accelerate growth in the $3bn power market for mobile telecoms companies.
Swindon-based PowerOasis has developed a wireless network power management platform that remotely monitors, controls and manages the supply of power to base stations sites that lack a reliable electricity grid,mostly for the Middle East and Africa where diesel generators have historically been the primary power source.
PowerOasis is an energy partner for two of the world's largest network equipment providers and some of the World's largest mobile telecom operators, which use PowerOasis technology to reduce the operating cost of power while dramatically improving network availability.
"Our energy storage solutions cut diesel consumption by at least 50% and further reduce power operating expenses by integrating our solar and wind components, said John O'Donohue, CEO. "Our wireless network power management technology is available at the right time to help mobile telecom operators reduce power costs, lower carbon emissions, increase site uptime and improve the operational and business management of power while delivering a return on investment in 18 months or less".
YFM Equity Partners through three of their managed funds - Chandos Fund and British Smaller Companies VCTs - are joining existing investors including Oxford Capital Partners, MTI Partners, OCP Angels and a number of private investors in the all equity deal.
The investment will primarily be used for accelerating sales and product development for its SmartHub, which adds Smart Grid capability and a next generation Power OSS platform which gives total network power visibility at the network operations centre.
"We have closely followed PowerOasis from 2008 when it was co-founded by Pete Bishop, previously R&D Engineering Manager for Motorola, supported by SETsquared in the University of Bath Innovation Centre," Julian Dennard, Investment Director at YFM Equity Partners. "To my mind it has now grown and developed to be one of Britain's finest small companies and we are delighted that it has now reached the stage where YFM Equity Partners' funds can help to accelerate its growth. We look forward to building our relationship with the management team as it transforms the way mobile telecom operators utilise power in both developing and developed markets."
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