Imprimatur Capital Seed Fund invests in satellite big data energy efficiency technology

12th DEC 2013

Imprimatur Capital Seed Fund in Latvia has signed an investment for €200,000 in start-up company ThermCERT. This is the Seed Fund’s fifteenth investment since launch in mid 2010. ThermCERT will develop innovative thermal auditing tools based on satellite data and transfer of space and remote sensing technologies for identifying and monitoring heat leakage from buildings in urban environments.

The drive to reduce carbon emissions is providing strong growth to the energy efficiency industry since improving the energy efficiency of existing real estate and operating assets is much more cost-effective in reducing carbon emissions than is producing clean energy. During the next seven years to 2020 the EU plans to spend €17 billion as public co-financing on energy efficiency technologies. However there are legitimate concerns about the effectiveness of some current energy efficiency spending because of the lack of reliable measurement systems used to quantify and monitor such investments. Consequently the value of energy efficiency investments is hard to assess, both before and in the years after implementation. Addressing this large and growing problem ThermCERT will provide satellite data-based tools for quick and accurate thermal performance measurement, enabling cost-efficient energy efficiency auditing and monitoring thereby helping to improve the quality of buildings’ energy efficiency while reducing the cost. Although still a pre-revenue startup, in November 2013 the European Space Agency awarded ThermCERT both the prestigious Galileo Masters prize and the Copernicus Masters prize.

Toby Moore, Managing Partner of Imprimatur Capital Fund Management in Latvia stated, “ThermCERT is the result of founder Steve Lee’s 15 years as a scientist within the space industry where he has worked with ESA and NASA. In recognizing the huge commercial potential of the smart use of satellite data for energy efficiency measurement, we believe that ThermCERT can become a leader in its field.”

Steve Lee, Founder of ThermCERT stated “The timing for this investment comes at a vital time for both the space sector and low carbon industries. Our innovation and skilled staff now have the required seed funding to combine the best of each industry and deliver our award winning ideas to customers who are under increasing pressure to meet emissions targets. The next step is to rapidly develop the ThermCERT technology and processes to enable users to achieve significant carbon and thermal reductions at a manageable cost, over efficient timescales and with consistent high quality reporting and measurement. We’re out to change the way the world tackles our low carbon targets and fix many of the problems that have slowed this down in the past.”

Ivars Golsts, Latvian Guarantee Agency (LGA), commented that he is glad that Latvia has created early stage funding environment that encourages interest of foreign innovative enterprises to develop part of their business here.

ThermCERT was introduced to Latvia and the startup benefits of the Baltics by Charles Cormack, Managing Director of Cormack Consultancy Group, an international business development firm based in Edinburgh, Scotland and operating in the UK, Baltics, Italy, Romania, Russia and India.

Imprimatur Capital Seed Fund has been funded by the EU Structural funds holding fund managed in Latvia by the Latvian Guarantee Agency.

 

 

 

Contacts:

Toby Moore, Managing Partner, Imprimatur Capital Fund Management, tel. +371 67 365 275; tm@impcap.com; www.icfm.lv

Steve Lee, ThermCERT, tel. +44 7562 791 076; steve.lee@astrosat.biz