Andrew Moinzadeh has released the world’s first wireless remote thermodynamic pump monitor.
Thermancy is an engineering company delivering energy saving solutions and products to the water industry worldwide. Director of Thermancy, Andrew Moinzadeh, has been working in this industry for 30 years. He started his career in the pump monitoring business with AEMS Ltd and then went on to form Riventa Ltd with two other partners. In 2013, Andrew’s interest in pump monitoring and technology led him to launch his own company; Thermancy.
Earlier this year the company released the world’s first wireless remote Thermodynamic Pump Monitor. This monitor supports pump operators and managers in reducing their pumping energy costs and meeting their energy saving targets. Since the product’s inception the business has sold an adequate amount of units; however despite developing a viable business model, Thermancy’s sales have not reached a point where the business is sustainable.
Chris Lyons, Enterprise Europe Network Sector Lead, met with Andrew Moinzadeh after he made an enquiry as to the support available to South West based SMEs. From the initial meeting, Chris identified that Thermancy would gain greatly from the innovate2succeed coaching programme and an opportunity Andrew should pursue.
The innovate2succeed programme highlighted potential growth areas for the business and resulted in an action plan covering the modules ‘Understanding Funding and Grants’ and ‘Innovation in Selling and Marketing’. Kim Howat, one of our funding specialists, outlined the potential for Thermancy to apply for funding. Our specialist, Phil Johnston, advised Thermancy on the best routes to market and guided them on initial conversations with major customers.
“As a small company, finding and accessing specialist’s skills isn’t easy. Business West has taken the time to understand our business, how we operate and the shortcomings of our business. We are now in the process of talking with sector professionals with the aim of improving our processes and growing the business.”
The main vision for Thermancy’s future is to develop a strategy for international sales in a number of different markets. They are currently working with UKTI to implement this into their business plan. At present, the business is supplying products to Korea and is in negotiations with companies from China and Iran. Andrew has also decided to apply for an Innovate UK grant, as the most significant barrier to Thermancy’s future of growth is cash availability.
Innovation should be considered a key component of any business growth strategy, which is why the innovate2succeed programme has been designed to help embrace innovative business practices and increase chances of success.
If you are an ambitious company looking for ways to grow your business, this intensive coaching programme will provide you with the innovation support needed to achieve these goals.