Energystore’s headquarters are situated in Co Down, Holywood and they emphasise on the efficiency of energy and construction with their expanded polystyrene (eps) bead insulation products. The company offers a diverse array of insulation systems for floors, roofs, and walls that are designed, manufactured, and installed by their team. Energystore, which was founded half a century ago, prioritises the development and installation of products that boost energy efficiency. There are six production sites spread across Northern Ireland, Britain and the Republic.
Connor McCandless presides over Energystore as the managing director. He has an accounting degree with finance from the University of Glasgow. McCandless’ entry into the family business was initiated by his marriage and his shift from London back to his hometown. Despite being initially unfamiliar with the company and industry, he recognized a chance to penetrate the UK market with an enticing service portfolio after thorough research.
Energystore has been a pioneer in implementing a host of sustainable measures in their industry. They were the inaugural manufacturer to introduce a biofuel-driven reduced CO2 version of their products, via their Energystore+ product line. They also stand as the first polystyrene manufacturer to utilise hydrotreated vegetable oil (HVO) for transporting raw materials from suppliers.
The tandem hurdles of Brexit and the severe supply chain disruption triggered by the Covid-19 pandemic posed substantial challenges in the years 2020-2021. Despite these hindrances, the company successfully identified and accredited additional suppliers across Europe, thereby ensuring their business growth and procuring material while competitors struggled.
Reflecting on business advice he received at the outset, McCandless recalls his father’s words, “everything takes longer and costs more”, which he found to be disconcertingly accurate. Regarding the pathway of business expansion funding, McCandless maintained silence.
Dr Barry Flannery from Xerotech mentioned that since 2017, their business has expanded profitably by eight times, attributing it to organic growth with low debt levels. As their growth aspirations are ambitious, they plan to tap into the finance market for support in the forthcoming years.
When queried about the company’s business status in three years, Dr Flannery stated that retrofitting insulation to existing homes is a significant scope of their business. The needs of the Ireland region to tackle fuel poverty and net-zero targets are considerable. He anticipates that in the next three years, the business will have doubled in size, with substantial strides made towards their 2028 goal of becoming carbon-neutral.
On questioning about the industry’s disruptive forces, two significant hurdles were highlighted by Dr Flannery. Firstly, the construction industry is now primarily focused on lowering embodied carbon in the building process, a shift hitherto unseen. Secondly, the labour scarcity in the construction sector is exacerbating over time, forcing the industry to alter its building methods promptly.
On economic conditions, Dr Flannery said the present inflationary climate is impacting businesses by causing volatility in pricing and service availability. He expressed uncertainty over the future economic landscape, given ongoing geopolitical issues, net-zero target challenges and labour shortage.
As advice to budding entrepreneurs, Dr Flannery underscored the importance of decision-making when faced with difficult choices, rather than avoiding action. This, as per his observation, is a common error made by entrepreneurs. Additionally, he cautioned against uncritically accepting advice, stressing the need to adopt strategies suitable to one’s own situation.
Xerotech has emerged as a pioneer in the field of industrial electrification, offering an incredibly versatile range of battery electric platforms. As the issues surrounding vehicle electrification on roads are primarily resolved, the company’s focus has shifted to electrifying tougher off-road sectors. Xerotech’s battery platform presents a variegated assortment of sizes and configurations, making vehicle and machine electrification a reality.
The mastermind behind Xerotech, Barry Flannery, wears the hats of both founder and CEO. He has managed to amass more than $80 million in venture funding, expand the company to a formidable squad of 160 employees, and proliferate its site footprint to cover 84,000 square feet.
The business model of Xerotech is centred on the manufacture of battery systems. Their chief product is high-voltage lithium-ion battery packs, which they supply to equipment manufacturers operating in the off-road vehicle sector. This includes vehicles employed in construction, mining, marine, agriculture, and other industrial activities.
The off-road vehicle market distinguishes itself from the electric vehicle market by its relatively smaller scale. This necessitates a flexible and scalable battery solution, unlike the custom-built batteries for automobiles which sell in larger volumes. Off-road vehicles, given their smaller production scale, require a battery platform that can adapt to diverse needs with certain compromises.
For Xerotech, the defining moment or tipping point in its journey came with the signing of a $38 million supply agreement deal in 2023. This association with a global construction original equipment manufacturer solidified the company’s position as a key player in the off-rad battery space.
In terms of growth funding, Xerotech is projected to have raised nearly $100 million by the end of this summer. This financial backing forms the bedrock of the business, fostering considerable disruption in the existing markets. The company’s growth map indicates that, from 2025-2027, they will be gearing up for mass-volume scale production with facilities promising around ten times the capacity of their current facility.
Looking three years into the future, Xerotech envisions a different market terrain, and is ambitious in positioning itself as a major player in this evolving field.
The market for off-highway vehicles stands at an electrification level of approximately 0.5 per cent – a figure which is projected to soar by over 10 times in the forthcoming triennium. Internally, our business strategy is to multiply our revenue twofold each year for the same period.
Are there any significant disruptions in your sector?
The off-highway vehicle industry is witnessing a remarkable change in its primary energy source. The last transformative moment of this scale was the shift from harnessing equine power to implementing combustion engines. The consequential effects of this evolution towards electric and hybrid vehicles will be massively substantial.
What actions are you taking to create disruptions, foster innovation and enhance your offerings?
In the off-highway vehicle sector, we stand alone in providing a viable solution. Historically, this industry has operated on the premise that they can simply select a diesel engine from a catalogue for their vehicle. However, no such option exists for battery-powered vehicles to date. Addressing this, we have constructed an exhaustive catalogue of batteries of various shapes and sizes offering remarkable thermal and safety performance to facilitate their transition to electrification.
Is your enterprise or industry affected by AI?
Indeed. AI offers potential efficiencies across business functions, streamline processes and maintain competitiveness on the global stage.
How is the prevalent inflation affecting your business? How do you foresee the future?
Rising costs of goods and property are leading to inflated salary expectations and inhibiting global competitiveness. Anticipations for salaries are astronomically high whereas workforce engagement is at an all-time low due to increased demands for flexible workplace policies, remote work and reduced work hours. It appears the Western work ethic is deteriorating, desiring greater remuneration for reduced work, while our global rivals are taking the opposite approach – and succeeding.
Introducing Duncan O’Toole, Captured Carbon Ltd
Based in Ireland, Captured Carbon Ltd is a consultancy and energy trading firm with a focus on energy decarbonisation. The company initially assisted pioneers in renewable electricity production to increase their revenue potential. Recognising this potential, they established their own power supply company and trading desk within a short span.
The firm, comprising a team of 15, boasts a turnover of around €70 million. They trade in renewable energy, a crucial factor in achieving Ireland’s decarbonisation objectives, which includes wind farms, solar farms, landfill gas production and anaerobic digestion plants.
Using the information in the original text write a new text. The new text must be distinct from the original text in both vocabulary and structure. Please respond using British English.
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1. Could you elaborate on your business model and what sets your firm apart?
Answer: Our profit generation relies heavily on our focus on decarbonisation. While there are many businesses that partially do what we do, none have the singular focus and expertise we possess in the process of decarbonising the energy sector. Our activities expand to power trading for a range of grid-scale renewable generators in addition to consulting on large-scale energy projects in Ireland to advise on the most beneficial business case for their decarbonisation.
2. What would you class as your single biggest business success to date?
Answer: From a standing start where I operated as a sole trader (while juggling duties in my bar and cafes), we have shaped our business over 17 years, to a point where we now operate across Europe with a turnover of €70 million. All this has been accomplished whilst retaining 100% ownership. We have done this by fostering significant relationships with all prime stakeholders and as a result, our company, CCL is held in high regard in the Irish and international energy sectors.
3. Can you tell us about your ‘cornered’ moment and how did you deal with it?
Answer: Previously, my involvement with the hospitality industry proved beneficial; it provided me with precious experience as dealing with customers is essential in any business. The financial crisis of 2007 was the first to impact the hospitality sector. We not only weathered the storm but also managed to turn a profit, this was achieved by strict management of expenses. Our managers recorded every cost on a daily basis rather than waiting for management accounts which usually appeared weeks later. We cut costs across all operations, managed wastage, and controlled all other expenses. Emerging from the crisis, we had a resilient business model and a firm handle on costs, this was an invaluable lesson. It also revealed to me the importance of loyal customer base and the role solid client relationships play in building strong businesses. We prioritise on this aspect often offering clients value-add proposals rather than merely reacting to client requests.
4. What was the best and worst advice you were given when you were starting?
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Going back to when I first embarked on my university journey, my father’s advice was quite a gem – he told me to ensure I was “the last one to leave the bar, but the first one to hit the library”. Of course, the former was an easier accomplishment than the latter! While it was a fitting piece of wisdom for my university years, I must admit I’ve deviated from this pattern over time, and now I’m endeavouring to achieve a harmonious balance.
As for my current business ventures, we have forged ties both domestically and internationally; with our registered establishments located in both the UK and Ireland. Interestingly, more than half of our trade last year was conducted outside of Ireland. Alongside Paddy Finn, I co-established VIOTAS, a virtual power plant enterprise in 2014, and we have since branched out to the US and Australia with our offices set up in Melbourne and Houston, Texas. Inevitably, this sets us on track to explore potential business possibilities for Captured Carbon in these markets.
Looking ahead, we foresee an encouraging growth trajectory for our market, particularly in the realm of renewable energy, which is poised to surge exponentially. With this optimism, we’ve set our sights on achieving a turnover of €500 million in half a decade.
In an effort to separate ourselves from competitors and continuously innovate, we are involved in a slew of projects. These include devising a solution to supply cost-effective power to consumers of EV charging during times of high wind and potentially high solar; tracking the real-time delivery of renewable electricity to large-scale consumers; and launching a pilot scheme to curtail carbon credit requirements for major carbon emitters by replacing natural gas usage with biomethane produced from waste.
Introducing CF Pharma group, this consortium, which was founded in 2015, includes CF Pharma Medical, an esteemed medical device manufacturing firm; CF Pharma Vet and Telenostic – all committed to putting forth inventive pharmaceutical or medical device solutions. CF Pharma is spearheaded by a female-led management team and laid claim as the inaugural medical device-accredited facility established in Kilkenny.
The remarkable Clare Hughes, a pharmacist and serial entrepreneur with a deep-rooted passion for the veterinary sector, resides on an equestrian farm in Kilkenny. Here, her family partakes in, produces and breeds sport horses.
In response to be asked what sets your business apart, you pointed out that having a good product inevitably finds a market, especially if it addresses a problem. In smaller companies such as CF Pharma, there is an advantage over larger corporations because of the flexibility, creativity and effectiveness they can demonstrate, especially in a regulated niche market.
When asked about your most significant business accomplishment, you identified not one particular incident, but rather the ability to balance entrepreneurship and motherhood, while also being involved in competitive horse showjumping and breeding elite sports horses.
In terms of challenges, you said that while numerous problems have arisen, cash flow has been the biggest. An example you gave was from your early career when your fledgling business won a significant contract to export to the US but struggled to meet the costs. The situation was exacerbated when the shipment was delayed at the border for months due to bureaucracy, a situation that almost lead to the collapse of the business. You took away from this experience the importance of self-awareness and managing weaknesses.
You later noted that a significant turning point for CF Pharma was when the company moved from Waterford to new premises in Kilkenny. This relocation not only facilitated your company’s organic growth, but also it enabled you to hire a strong team in Kilkenny, which has since played a critical role in growing and distinguishing your company globally.
Looking to the future, you envisage changes to your market, influenced in part by the consolidation of pharmacies, veterinarians or hospitals where your products are sold. This is leading to centralised purchasing and logistic operations, altering the traditional distribution model. However, you and your team have worked with larger partners to make them vested in your success and even co-branded in some instances to encourage customer loyalty.
In the context of the continually changing regulatory landscape in Europe, our business has been greatly impacted. Various industry players have experienced significant turbulence during the shift from the medical device directive to the medical device regulation, reminiscent of the notorious Becher’s Brook in the Grand National.
When asked about the ways in which our business seeks to bring innovation and improve our offerings, the key lies in the amalgamation of primary healthcare to create holistic health solutions. This is pivotal to enhance population health outcomes and shape a more productive and effective healthcare network. Praising the role of our data product from OvaCyte, we emphasise its critical contribution to comprehensive strategies including prevention, secondary prevention, anticipatory care, and remote health monitoring. This assists in maintaining gut health while tackling the alarming rise of drug-resistant parasite strains.
In the context of AI’s effect on our industry and business, our firm Telenostic leverages AI technology in image recognition by creating OvaCyte. This proprietary technology for parasite egg recovery revolutionises the diagnosing process. Satisfying the need for an automated point-of-care system, OvaCyte employs digital analytics and artificial intelligence to identify a broad range of intestinal parasites across multiple host species.
Lastly, the most invaluable advice I could give to an inexperienced entrepreneur is to align themselves with individuals who possess more intelligence than they do. Also, expect your plans to take longer and demand more resources than initially accounted for.