Companies that have annual energy bills of £150,000 or more are to benefit from a new fund established in Northern Ireland by Vayu Energy, which supplies natural gas, electricity and renewables to the industrial and commercial market in Ireland and the UK.
“It has set up the Vayu Energy Fund to help large energy users “achieve cost savings by investing in projects targeted at reducing consumption”.
This follows a survey by Vayu which found that lack of investment and the mis-use of energy are the biggest problem for businesses looking to reduce their energy bills.
The company’s business customers are eligible to apply for the fund, and all energy-management projects will be considered, including the upgrade of dated facilities, machinery or technology and the installation of new systems.
Ciaran Gahan, energy-efficiency manager at Vayu. said: “This fund could bring significant benefits to businesses in Northern Ireland, and with no cap on the size or the type of project we will consider, we are making it as accessible as possible. We know that businesses can reduce their energy costs by up to 2% by becoming more energy-efficient.
“While this is a new funding model for Northern Ireland, Ireland and indeed Vayu, our partner Gas Natural Fenosa has a high level of expertise and experience that will secure a ‘win-win’ scenario for all successful applications.”