Commercial boost as VPhase wins global competition

ENERGY efficiency business VPhase stands to receive a major investment from US multinational GE as part of an innovation competition.

Chester-based Vphase has developed a voltage management system that reduces and regulates incoming power and could save around 10% of a household’s energy consumption. 

It is one of 10 companies – and the only one based outside the US – earmarked to receive a share of a £40m investment fund as part of GE’s Ecomagination Challenge. The exact amount has not yet been agreed.

It is also one of two firms that will have their products stocked by Best Buy Co – one of the world’s largest retailers – in the UK and mainland Europe.

Chief executive Rick Smith said: “What’s most important to me is the recognition they want to push my product. That’s worth far more than any terms of investment. However they support me financially is great but the really good news is they like my product and they’ll push it commercially.”

He added: “I’m absolutely delighted to have received the support of GE and their recognition of the benefits of our product.”

AIM-listed Vphase competed against 5,000 other companies from around the world.