Greentech 10 to Watch in 2010
THE CARBON footprint of the entire global IT, electronics and mobile telecoms industry is at least equal to, if not greater than, that of aviation according to industry analysts Gartner. Therefore any solution, especially a computer chip, that reduces power consumption and related costs and carbon emissions - by up to 30 per cent in University of Limerick spinout Powervation's case - is welcome in the green economy.
One of the world's leading clean technology venture capital funds, New York-based Braemar Energy Ventures invested an undisclosed amount in the firm last November, just several months after several backers including Intel Capital, the venture capital arm of the computer chip manufacturer, injected almost €7 million into the company.
Led by chief executive Antoin Russell and established in 2006, industry researchers predict that Powervation's chip could take up to a 30 per cent share of a multibillion-dollar market by 2013.
As published in the Irish Times / John Reynolds