Irish firm Bord na Móna has acquired a 50% share of Electricity Exchange, a provider of smart grid technology and services.

The Company, co-founded by Dr Paddy Finn and Mr Duncan O'Toole, operates a virtual power station from its operations centre in Limerick. The company's technology allows them to remotely control back-up generators and reduce power consumption in large industries throughout Ireland at times of power shortages on the grid.

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Mike Quinn, CEO of Bord na Móna said: "Bord na Móna Powergen have a significant development pipeline of renewable projects and we see the Electricity Exchange technology as an enabler to allow greater renewable penetration onto the Irish Electricity grid. The power system is evolving at a fast pace and Electricity Exchange has a track record of constant innovation which allows them to stay ahead of the curve. They have built a reputation as an honest company that works hard for their customers which aligns perfectly with the ethos of Bord na Móna."

The distributed generation model operated by Electricity Exchange delivers additional power generation to the grid without the need for additional infrastructure, avoiding the cost and carbon emissions associated with building new conventional power stations.

(CD/LM)