A survey of just 100 businesses around Ireland conducted on behalf of energy firm Pinergy by IRearch insights shows that cost efficiencies are the key driver for businesses investing in sustainable initiatives, cited by 68pc of respondents.
Of the businesses surveyed, 26 said that prioritising increased resistance to energy price volatility is also a priority when considering sustainable initiatives.
But despite the increased focus on sustainability, only 46 of the businesses surveyed actively monitor their energy usage. However, of those, only a quarter do so when their energy bill arrives and 29pc of that 46 admitted to undertaking no real monitoring at all.
Of the businesses surveyed, 28 said there was no single responsible person or department for spearheading energy management and sustainability initiatives.
“The desire for cost savings and energy independence is a powerful catalyst for change,” said Pinergy chief commercial officer, Daire Keating.
He added: “However, our research also shines a light on critical gaps in execution: you can’t effectively manage what you don’t measure, and without clear ownership, initiatives can lose momentum.”
The survey also found that 63 of the respondent firms already have hybrid or electric vehicle in their fleets and 22 are already fully electric. Almost 38 of the businesses surveyed that have non-electric fleets plan to transition more vehicles to full electric this year.
It also reveals that the upfront investment cost was cited by 42 of the businesses surveyed as the biggest challenge to implementing energy efficiency measures. A difficulty in securing financing and capital was cited by 29, while 25 cited a lack of internal expertise.
In 2023, Pinergy bought Acutrace, whose software measures energy use in commercial buildings, allowing firms to identify waste so they can reduce consumption. It represented a move by Pinergy to expand its business beyond supplying power.
In 2024, Sojitz, a Japanese conglomerate, bought a 98pc stake in Pinergy. The Irish company had been founded by Enda Gunnell, who along with executive Peter Bastable, retained a small stake in the business.
Tokyo-based Sojitz bought out the shares of the billionaire Coates family, whose empire includes the gambling giant Bet365.
The family includes Peter Coates, owner of Stoke City FC. He had been the main funder of Pinergy, putting an estimated €80m into the business.
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