Transen Sustainable Energy Systems Ltd (Transen) is poised to market and export the energy saving ground source heat pumps across Europe.
Support for Transen, formed by three local businessmen, led by Bryan Law, the Managing Director, based at Causeway Enterprise Park, was announced by Des Gartland, Manager of Invest NI's North West Regional Office following the offer of financial assistance from Invest NI to the company.
Mr Gartland said: "This is an entrepreneurial and R&D focused business being set up to manufacture and sell an innovative geothermal pump which has extensive potential, particularly in markets outside Northern Ireland.
"The company expects to grow exports to 50 per cent of turnover by 2010 through the implementation of a clearly defined and professional marketing strategy."
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Mr Gartland said opportunities for this type of technology are excellent, particularly against the background of steep rises in electricity and gas tariffs in the UK and Ireland.
"As a result, alternative sources of energy, which are sustainable and affordable, such as ground source heat pump systems, are becoming increasingly attractive for residential, commercial and agricultural users," he added.
Outlining Transen's products, Mr Law said: "All markets, including residential properties and social housing projects, as well as commercial construction and agricultural developments, can be offered a bespoke system.
"Ground source heat pumps use the relatively constant temperature of the earth to provide heating, cooling and domestic hot water for homes, schools, government and commercial buildings.
"While a small amount of electricity input is required to run a compressor, the energy output is of the order of four times this input. This is referred to as the Coefficient of Performance (COP). This makes heat pump systems a viable option for schools, offices and light industrial units, particularly as they can be used to cool buildings."
Mr Law said there were market opportunities across Europe, citing Sweden, which already installs an average of 40,000 ground source heat pumps per annum.
"In Sweden 97 per cent of new homes come with ground source heat pumps installed, whereas in the UK it is not considered the norm.
"The UK is moving in the right direction with several initiatives such as the affordable warmth programme and grant aid for heat pump installation," added the Managing Director.
(PR/JM)
