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Utilitywise, in South Shields, gains patent for morinitoring system
A NORTH-EAST energy and utilities consultancy firm has secured the first global patent for its monitoring system.
Bosses say the equipment allows firm to analyse where energy is used and how consumption can be reduced.
The patent was granted by the US patent office, and bosses say they expect more to follow.
Geoff Thompson, Utilitywise chief executive, said: “The simple fact is that energy prices are rising and wholesale markets will continue to push prices upwards.
“The UK is also going through its most important piece of energy legislation in the last 15 years and this will shape the landscape up to 2050.
“Users of energy will be effectively funding this as customers will see up to 25 per cent increases from this alone.
“The Edd:e monitoring system is a critical measurement and verification tool that will help with various energy efficiency initiatives as users look to mitigate the large escalating costs of using energy.”
In October, Utilitywise revealed plans to create 120 North-East jobs after strong financial results, with bosses hoping to fill the positions by this summer.
The move would take its regional workforce to about 600.
Last year, the company became the first North-East firm to list on the stock exchange in five years after joining the Alternative Investment Market.