New opportunities exist for both firms as IoT enables more informed, timely decision-making on when to purchase, hedge on industrial fuel.
TORONTO, May 31, 2017 — Enterprise Ireland, the Irish government agency for the promotion of international trade by Irish companies, today announced a partnership between electronic monitoring based Tekelek and fuel technology based Paygo for business development in their respective markets. The agreement, announced during an Enterprise Ireland Trade Mission led by Minister Sean Canney TD, allows both organizations to capitalize on advances and economies in IoT technologies to provide greater intelligence on management and procurement of industrial fuels.
Tekelek are delighted to announce securing an order for $1.4m with Paygo to serve the US and Canadian markets. In parallel, Tekelek is now developing an intrinsically safe sensor to facilitate the expansion of Paygo’s service offering. Tekelek look forward to building a continued partnership with Paygo. Minister Canney welcomed the announcement from Clare-based Tekelek and wished them well with their growth plans for North America.
“This agreement allows Tekelek and Paygo to make the most of a timely opportunity, effectively scaling in new territories,” said Leo McAdams, International Sales and Partnering Manager, at Enterprise Ireland. “We are very pleased to facilitate and support international partnerships between Irish and Canadian businesses as they each seek to develop business in new ways. Today’s agreement between Paygo and Tekelek presents an exciting opportunity for growth, and Enterprise Ireland will continue to support Tekelek’s expansion in Canada.”
Founded in 1995, Tekelek has established a strong European market with a range of tank monitor technologies including the Gremlin Tank Monitor. Tekelek also specializes in control based design and manufacturing solutions. These are collaborative and customized products that pride themselves on meeting environmental highly regulated environmental standards. Tekelek’s niche is delivering product requirements where innovation and flexibility is key.
“IoT in industrial applications is facilitating smarter decision-making and leaner, more agile businesses,” Oliver McCarthy, General Manager, Tekelek said today. “We’re very excited to apply this thinking and our technology to the industrial fuels market-place and we’re similarly pleased to partner with an organization of Paygo’s caliber to bring our technologies to the North America market.”
Phil Baratz, CEO Paygo, said “We at Paygo are delighted to be associated with Tekelek. Having completed a rigorous research and development process, it is great to introduce the Gremlin tank monitor to our customers in Canada and the United States. We see it as strengthening our current range of products and services.”
Paygo is the brainchild of Phil Baratz, CEO of Paygo, LLC, and also Angus Energy. Angus Energy has been advising oil and propane companies about fuel purchases and hedging for more than 25 years. Over the last 5 years, Phil assembled a team of leading industry professionals with deep backgrounds in BOS software integration and business intelligence solutions, Fuel company finance, training, marketing and operational management. All of these resources, and more, were combined to launch Paygo. Today Paygo has the technology to seamlessly integrate with existing delivery and billing software. A pragmatic business approach, utilizing Tekelek tank monitoring technology, has led Paygo to move away from the traditional fuel distribution oil model more creating a utility based model for the domestic/light commercial sector. www.paygofuel.com
About Enterprise Ireland
Enterprise Ireland is the Irish State agency that works with Irish enterprises to help them start, grow, innovate and win export sales in global markets. Enterprise Ireland partners with entrepreneurs, Irish businesses, and the research and investment communities to develop Ireland’s international trade, innovation, leadership and competitiveness. In this way, we support sustainable economic growth and regional development, and help create and sustain employment in Ireland. www.enterprise-ireland.com
Tekelek is a team of innovative engineers. We provide electronic control (monitoring and measuring) systems for both the Tank-monitoring and Heating, Ventilation, Air Conditioning (HVAC) controls market. Tekelek has been actively developing and manufacturing innovative Internet of Things (IoT) applications for more than 20 years. We are at the forefront of IoT trends and pride ourselves on our ability to offer innovative SMART products to meet changing customer needs. The application of Tekelek technology is diverse but the core benefits remain –operational efficiency, asset management and inventory management. Our niche is delivering product requirements where innovation and flexibility is key.www.tekelek.ie