Hong Kong investment gives boost to energy saving firm
ENERGY Saving International (ESI), the Leeds-based energy saving appliance firm, is planning to launch its products overseas following “substantial” investment by a Hong Kong entrepreneur.
The investment will enable ESI to market its award winning Savasocket in several new markets.
Savasocket 6 gang is a Grand Designs award winning and Energy Savings Trust recommended product that switches off a bank of sockets at the source using any standard home infra red remote.
It uses only 0.19 watts in standby, which makes it five times more efficient than the 1-watt standard set by the Energy Savings Trust.
ESI was advised on the deal by Marcus Armstrong of law firm Lupton Fawcett and Geoff Thomas of accountants Brown Butler.
The deal follows a trip to Hong Kong by ESI managing director James Dunne.
Mr Dunne said: “This substantial investment allows us to expand very quickly and it all came about from a chance meeting with Geoff Thomas of Brown Butler instigated by a mutual friend.
“On Geoff’s recommendation, I took a speculative trip to Hong Kong to meet a potential investor, who saw the potential in Savasocket and immediately sent me off to meet the buyer of one of the world’s largest retailers.”
He continued: “By the time I returned to the investor’s office, the retailer had already placed a substantial order for Savasockets. This gave the investor the confidence to make an instant commitment to invest in the business.”
Mr Dunne said that Savasocket 6 Gang was doing exceptionally well in the UK and that the new investment would enable the firm to roll out its products globally.
“We are looking at manufacturing six international versions for different plugs as well as numerous brand extensions,” he added.
Brown Butler’s Geoff Thomas said: “This new investment provides James with the finance he needs to market Savasocket internationally and we are pleased to have been able to assist him in securing this financial backing.”
Marcus Armstrong of Lupton Fawcett said that Savasocket had “tremendous potential” to become an international brand.
“Estimated savings through using Savasocket are put at around £37 per year but its ability to help the environment makes it all the more attractive,” he said.
