Losses after tax at Norman Crowley’s Cool Planet group of climate change-focused companies narrowed to €6.4 million in 2021 from more than €10 million in 2020 as the impact of the Covid-19 pandemic on its operations weakened though it continued to put a dampener on activities.
Among other things, the group – which had accumulated losses of more than €23.2 million at the end of last year, according to accounts filed recently – makes software, electric vehicles and provides educational services. However, it was forced to down tools on €70 million of clean energy and climate education projects across the globe when the pandemic hit in early 2020.
“We lost a lot of money on Covid,” Mr Crowley told The Irish Times, saying that the company has refocused its attention on the software side of its activities. But the serial entrepreneur said the group has experienced “very rapid growth” this year as the impact of the pandemic has receded and the pivot to software has continued.
In a note attached to the accounts, Mr Crowley and Cool Planet director George Polk said the group also saw “significant growth” in the use of its cloud-based decarbonisation management system, called Clarity.
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The group had net assets of €6.7 million at the end of last year, down from €13.3 million in 2020, which the directors said in the accounts was “satisfactory”.
Earlier this year, Cool Planet Group unveiled a new piece of technology aimed at cutting greenhouse gas emissions within the mining industry. It will allow mining companies to retrofit diesel-powered light-mining vehicles, converting them to electric while using software to monitor emissions and electricity consumption during battery charging.
The technology is being trialled by two mining companies, one in Ireland and one in Portugal, Mr Crowley said at the time.
During its 2021 financial year, the group also acquired Northern Ireland-based Powerhouse Generation, a group of companies that provides energy grid services, which the directors said “complemented” Cool Planet’s existing business.
