Home energy management (HEM) includes technologies and services that are used to better control home energy consumption. The global market is to grow to $3 billion by 2023. Major players in this segment include General Electric (USA), Nest Labs (USA), Panasonic (Japan) and Energate (Canada).
HEM technology includes sensors, smart thermostats and feedback devices that monitor consumer energy consumption in an effort to reduce peak electric demand and electric bills.
Ecoisme is a HEM technology company that was founded in Kyiv, Ukraine, in 2014. Ivan Pasichnyk is the CEO and a co-founder. In 2016, he was named in the Forbes Magazine list of ’30 under 30′ top European entrepreneurs. His product is an energy saving system combining a utility switch and energy monitor device used to help reduce consumer utility bills.
Although the company is now headquartered in the UK, its R&D operation remains in Kyiv. Ivan spent some time in the USA in 2017 trying to establish his business there after exhibiting at the CES trade show in Las Vegas. He was unable to secure sufficient US investment and decided to launch his product in another market.
The firm had an opportunity to conduct a pilot program in Dubai through the Dubai Future Accelerator program, which helped rejuvenate the company’s prospects. Despite a successful pilot, in the summer of 2018 the hoped-for major investment from Dubai Electricity and Water Authority (DEWA) did not materialize. Pasichnyk was forced to go in a new direction once more.
Product financing and rollout efforts are now focused on the UK. In October 2018, Ecoisme launched an equity crowdfunding campaign on the Syndicate Room. The Syndicate Room connects investors with highly-vetted UK startup companies.
Pasichnyk has also received a second tranche from KIC InnoEnergy and is talking with the Wales government about grants for R&D and salaries of UK employees. He points out that “the UK is a very well developed electricity market with more than 50 providers. And, the price of electricity is very high. The customer is already educated by other companies and government about the benefit of managing electricity consumption.”
Ecoisme hopes to close its fundraising campaign in December 2018 and start production of its energy monitor shortly thereafter. The delivery date for the units is expected to be in May 2019. The price of the home energy monitor will be $200-$300.
- You can listen to an interview with Ivan Pasichnyk discussing his recent experiences with Ecoisme here.