PowerGenius Set for Continued Market Advantage

MEDIA RELEASE

PowerGenius Set for Continued Market Advantage after Callaghan Growth Grant

Monday, 21 May 2018 – Auckland-based company, Next Idea Limited, is driving continued innovation of its PowerGenius home energy management system after being awarded a three-year growth grant by Government agency, Callaghan Innovation.

PowerGenius, an energy management solution that automates and optimises how solar power is used in the home by prioritising the use of power-hungry appliances to switch on when solar energy is available, has already enjoyed market advantages as a result of its innovation in the energy sector.

Next Idea’s CEO, Mike Stobbs, said the support by Callaghan Innovation helped its market advantage continue by speeding up the R&D initiatives on its product development roadmap.

“We already have a patent pending for a number of the product features developed by the team at Next Idea. The funding, of up to $15 million over the next three years, will enable us to increase the pace of further development of the PowerGenius energy management system, helping to protect the competitive advantage we have in New Zealand and helping us continue our foothold in to the Australian market.”

He said while PowerGenius primarily serves the solar market, having enabled some solar users to use up to 95% of the power they generated (as opposed to the average household exporting 40-50% back to the grid), the uptake of the product by smart home enthusiasts and interest from network companies was also driving growth. “Our customers have also been interested in the product’s ability to transform appliances into ‘smart’ appliances, and its cloud-based dashboard application to help manage and keep track of their energy from anywhere. Also, some network companies are showing interest in several of the product’s benefits, including its demand management and load shifting potential.

“Callaghan’s R&D co-funding means we can now drive further aspects of innovation on our roadmap, to open the product up to a wider consumer and partner base. To have the backing of an organisation recognised for its commitment to innovation in this country has been a major endorsement of our growth plans,” said Stobbs.

Stobbs said the current R&D phase has seen over 1,100 PowerGenius devices installed into over 300 New Zealand homes. There was also early uptake of the product in Australia where the solar market opportunity was more pronounced, he said.

“The market opportunities for us across New Zealand and Australia are massive, and the interest in our home energy management system already means we have a big growth curve ahead of us. Callaghan has enabled us to get on with that, so we can continue to showcase another example of true Kiwi innovation making a difference.”

-Ends

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