Posted 19 November 2010
Veutility at UCD wins Globe Forum Innovators’ Challenge
UCD campus company, Veutility has won the Globe Forum Innovators’ Challenge for new technology developed by Dr Antonio Ruzzelli. The software application enables companies to get an integrated data view of their energy consumption by site, building, room, tariff or square metre.
With energy and electricity costs remaining the greatest overhead burden in businesses, an application such as Veutility offers a real competitive advantage to SMEs and large companies, who will be able to collect, compare and benchmark their energy consumption online.
The technology has already been patented out of UCD and Veutility is currently testing it in a number of different sites, where they are reporting savings of between 20 and 40%. The company is currently seeking investment of €500,000 to bring it to the next level.
“Our target market are companies with significant monthly energy bills exceeding €500.” Says Ruzzelli. “With Round 1 seed funding, we hope to roll out to 30-40 customers. There is massive potential for this product, not just in the domestic market, but worldwide.”
A research fellow at CLARITY, in the UCD School of Computer Science and Informatics, Ruzzelli’s research focuses on data mining from low-power sensor systems and wireless networking protocols with an emphasis on energy-efficiency in buildings, carbon footprinting, network control, and appliance recognition.
In 2009, Ruzzelli received €4 million in EU funding under the FP7 – small or medium scale focused research project - for two collaborative projects on energy consumption.
The business team at Veutility, led by John Feighan, can put the Innovators’ Challenge prize to good use with free incubation space at NovaUCD and bespoke entrepreneurship support through the entrepreneurs programme for 1 year, mentoring from the TCD UCD Innovation Alliance, website support from IQ content, mentoring from Accenture and PR support from Limelight Communications. The prize also includes membership in Globe Forum’s facilitator programme for one year.
Having driven the technology side Veutility, Ruzzelli believes it is now time for him to become more involved in the business side. “It’s time to become a salesman.”
One to watch – David Connolly from UL wins Globe Forum Researcher Challenge
In the Researcher Challenge, University of Limerick student, David Connolly, emerged as the winner with his project to integrate fluctuating renewable energy using large scale energy storage.
His core objective is to identify how Ireland can utilise more renewable energy. These sources – wind, tide, solar, wave, geothermal and biomass – are notoriously intermittent, and solving the storage problem is key to exploiting renewable energy in a cost-effective and sustainable manner.
His prize includes membership in Globe Forum’s facilitator programme for one year, €600 cash and an iPad from IRCSET.
Imaging the Future: Globe Forum delegates tackle the BIG Questions
Fast and to the point, top academics present their positions in 2 minutes on some of the big questions facing our cities:
- Will the cities of the future be ready for an increased number of older people?
Professor of Geriatric Medicine at TCD, Rose Anne Kenny and Professor of Psychology at TCD, Ian Robertson
- Will we be able to power the cities of the future?
Director of the UCD Earth Sciences Institute, Professor Frank Convery and Dr Kevin McDonnell from UCD School of Agriculture, Food Science and Veterinary Medicine.
- Will universities be drivers of innovation in the cities of the future?
Professor of International Development Studies at UCD, Paul Walsh and Professor of Biochemistry at TCD, Luke O’Neill
- Will social networks replace physical contact in the cities of the future?
Professor of Education at UCD, Lizbeth Goodman and Lynn Scarff, Education and Outreach Manager at the Science Gallery, TCD
- Do we need a “Minister for Dublin”?
Panel
- Summary session
(Produced by UCD University Relations)
