Ecolibrium help firms increase operational efficiency by minimising energy costs and improving productivity.
India has perennially been a power starved country with still 400 million of citizens not having access to power. Constant black-outs and brown-outs are the order of the day.
Nearly 43 per cent of the power is consumed by the industrial sector, which implies that a smart and efficient energy management solution for this sector would impact the entire country at large. IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE) incubated Ecolibrium Energy was established keeping in mind this very aspect of energy efficiency. The firm help organisations increase operational efficiency by minimising energy costs and improving productivity.
The company has a footprint across the entire country and South-East Asia, with more than 450 consumers who save 5 per cent to 25 per cent of their power consumption. Their cost effective energy management solution leverages ICT (Information and Communication Technology) to optimise energy consumption and mitigating climate change.
Recently, Ecolibrium Energy also won the 2014 Lighthouse Activity award, spearheaded by the UN Climate Change secretariat, for building the best climate solutions to inspire increased climate action around the world.
Ecolibrium Energy is India’s leading energy management solutions provider which uses the next generation cutting edge Industrial IoT (Internet of Things) and Big Data analytics to optimise energy costs of a given industrial or commercial enterprise. The company strives to create a world where every watt counts. It is also supported by International Finance Corporation (IFC), a member of the World Bank Group, and Infuse Ventures.
Its primary objective is to reduce energy inefficiencies in any organisation leading to lower energy costs. Ecolibrium Energy was born in the year 2010. It took almost a year for product development and the product was finally commercialised in the year 2011.
The company is headquartered in Gujarat and has its operations across all the major cities of the country-Ludhiana, NCR region, Indore, Raipur, Hyderabad, Chennai, Bengaluru, Mumbai etc.
“We have been able to develop our solutions by constantly engaging with our customers on a daily basis. The solutions we provide are customised to suit the need of every customer. We also place ourselves as partners to our users and not just a vendor, which goes a long way in understanding their specific requirements and thus, providing them a better solution,” says Chintan Soni, CEO, Ecolibrium Energy.
Lack of fund, infrastructure, skilled manpower and R&D facilities were some of the major issues Soni had to face while bootstrapping his startup. Then the company made its ways towards Centre of Incubation, Innovation and Entrepreneurship (CIIE), a very large startup incubation centre by IIT Ahmedabad, where they provide various services to help a startup get developed into an established organisation. Ecolibrium Energy was selected in a programme launched in collaboration with the Ministry of New and Renewable Energy called “Research.”
“CIIE assisted a lot in providing the incubation support in the form of an office space and networking assistance. CIIE also helped us with advisory guidance as well as various administrative support, which helped us focus on technology and our business, which is considered as the most important focal point for a start-up,” tells Soni.
Ecolibrium Energy was started with a seed capital of Rs 2,500,000, which was utilised to procure various materials for providing the end solution to the customer, enhance the workforce and product development.
“So far, we have been able to cater to nearly 450 customers spread across 20 industrial domains. After the seed funding, IFC and Infuse Ventures helped us secure the next round of funding to the tune of $1.5 million. We are currently looking to raise our next round of funding and are in discussion with various VCs and PE investors,” shares Soni.
Smart Grid Technology
Ecolibrium Energy’s indigenous technology, SmartSense, help users track power, temperature, and pressure remotely through a cloud based solution. This Industrial IoT solution uses ICT to enable an M2M communication, thus, cutting down the cost of energy data communication and management. The data is accessed from various meters and sensors through a GPRS based communication device which can retrofit any existing infrastructure.
Post this, the data is sent to the cloud servers for analysis and based on that the company provides real-time alerts and customized reports. The intelligence gathered from these data enables big data analytics save considerable energy cost. From the perspective of the utility, this data which is available with them enables a smart Demand Response, thus helping in better distribution of power across the area, which further reduces the dependency on expensive peak power costs.
“The solution is for every facet of the power domain – be it a consumer, distributor or generator. Any major power consumer having a connection of over 100 kW of power can use this solution,” asserts Soni.
Though there are many international and national players offering similar solutions, very few organisations have taken steps towards a cloud based wireless solution to tackle the problem of energy in-efficiency. Ecolibrium Energy considers itself as the first mover in this space.
“To control energy consumption, we first needed to understand energy consumption data, which was enabled by our ICT innovation – SmartSense. The next level of industry 4.0 will be powered by technologies like SmartSense, which will enable real-time automated management of power,” explains Soni.
Since its inception, Ecolibrium Energy has witnessed a growth of more than 100 per cent year-on-year, which alleviated the company to be among the fastest growing companies in the domain of energy management solutions.
Ecolibrium Energy currently has operations in almost all the major locations in India. As a part of its expansion plan, the company is looking forward to explore opportunities in other developing countries such as Malaysia, Saudi Arabia, Sri-Lanka and Bangladesh.
“We would want to continue this scale of growth and going forward, we have a grand sight of being the most valued organisation in our domain, not just from the perspective of revenue, but more importantly, from the perspective of solution effectiveness,” concludes Soni.