Archive for July, 2009
Sunday Business Post – Done Deal page – Jul 12 2009
Read the article on the Sunday Business Post website by clicking here.
Mayo company Surface Power has agreed a NZ$30 million (€13.5 million) deal with a New Zealand-based distributor. Under the terms of the five-year agreement with Solar Distribution, the company will establish a distribution and training centre in Tauranga, New Zealand, creating 12 new jobs.
‘‘The training and development centre will deploy our system to tens of thousands of utility customers, managing quality control and the whole exercise effectively,” said John Quinn, founder of Surface Power.
Surface Power makes solar thermal heating and cooling systems to help large-scale utility companies and governments to offset CO2 emissions.
Quinn said the company would announce a number of international deals over the next 12 months on the back of product approval it had secured in over 25 countries.
‘‘We are scaling up from a product development business,” Quinn said. ‘‘We have distributor approaches from most countries in the world at this stage, but we are concentrating on the US, Canada, Australia and New Zealand.”
Surface Power is seeking external investment to fund its expansion plans.
‘‘Several US-based investors have visited us and we would hope to have funding in place within the next three to four months,” said Quinn
Last month, the company signed a €20 million distribution deal with Irish partner Moritz Group. Established in 2003, with backing from Udaras na Gaeltachta and Enterprise Ireland, it employs 15 staff in Ireland and Britain.
‘‘Our 2007 [turnover] was €500,000. In 2009, we are expecting revenues of between €2 and €2.5 million,” Quinn said. ‘‘Next year, we expect to be in the US and Canadian markets, so the figure will grow significantly again.” Surface Power licenses production to a manufacturing partner in China, but plans to locate all activities in Ireland in the future.
‘‘We plan, in the next 12 months, to manufacture in Ireland to service the European market, particularly Britain,” Quinn said. ‘‘We will also establish manufacturing centres in North America and Australia.”