London-listed energy efficiency specialists report major advances
Two British companies announced today major advancements toward large-scale deployment of affordable and efficient thermal insulation of properties. Effective insulation is key to increasing a property's energy efficiency rating, something on the minds of many residents and businesses today amid skyrocketing energy prices.
NetScientific:
(NSCI ) announced a new £1.6m investment to fund the next stage of growth for its portfolio company Q-Bot. London-based Q-Bot has pioneered a highly scalable service-based robotics solution for applying, inspecting, and maintaining underfloor home insulation underneath suspended floors. The unique method used by the AI company is cost-effective and minimally invasive.
In FY2021 Q-Bot generated £2.2m in sales. It has to date insulated over 3,000 properties through a network of installers using the service, and the segment is expected to grow, not just in Britain and Europe, but overseas as well. A partnership with a company in France, which is also facing an energy crisis, was established in October 2021. has a 20.6% stake in Q-Bot, valued at £2.77m following this round of funding.
Zenova Group:
Similarly, Essex-based (ZED ) announced today that its Zenova infrared (IR) thermal insulation render has been selected by builder KC Cabins Solutions for use in the construction of its new modular eco-homes. The initial deal specifies 250 eco-homes to start.
This development is exciting as it is a highly effective and low-cost solution, tailored to the modular/pre-fabricated construction market. It is a growing market in the UK, seen as one solution to the ongoing housing crisis. Traditionally in prefabricated construction, space and cost are limiting factors, so high-quality insulation is not prioritised. 's solution changes that equation, providing a cost-effective solution that is also visually appealing and enhances fire safety.
Conclusion:
A House of Commons research briefing published on 27 May 2022 elaborated on the ongoing energy crisis in Britain. The annual electricity bill increased from £450 in 2020 to £760 in 2021, while the price of heating oil increased from c. 20p/litre at the start of the first lockdown to almost 60p/litre in mid-October 2021.
Following this record increase in H2 2021, the energy price cap was raised by 54% in April 2022. The cap does not apply to households that use gas or electricity for heating. Prices were further negatively impacted by the ongoing conflict in Ukraine. The cap is further projected to increase in October 2022 by as much as 50%.
While the Government is providing some aid to millions of households to help alleviate these rising costs, lowering consumption is crucial to keeping costs down for families and businesses in the long term. Additional benefits to better insulated homes are lower carbon footprints, increasing property values, and helping to alleviate the housing crisis.
Investors welcomed today's news by and with their shares up 2.53% and 4.84% respectively in early afternoon trading.
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