New Irish Start-up Saving Almost 20% on Fuel Costs
Monday, 8 June 2009
Technology from a new NUI Galway start-up company, eagleEdge Ltd., is cutting almost 20% off fuel bills in the haulage and transport industries. By installing a 'black box' device, designed and developed in Ireland, the solution helps identify how changes in driver style across vehicle fleets can save fuel. eagleEdge, which was founded by a former NUI Galway research team and came out of the University's business incubation facilities, has been instrumental in reducing the fuel usage of large vehicle fleets by up to 18%. Improvements in individual driver performance of as much as 30-40% have also been achieved. The company's product FuelGauge monitors driving style and habits, and a customised report advises on where fuel is being wasted. This could be through hard acceleration, harsh braking, lack of cruise control usage, excessive speeds or various other factors. Jason Byrne is Director of eagleEdge: "What became evident in our research was the scale of the fuel problem for hauliers and logistics companies. Currently, a typical haulier or coach operator is spending at least 40% of their running costs on fuel, which is just staggering when you consider the tight margins a lot of these companies operate. When you consider the massive cost that fuel represents to fleet managers, it's easy to see why some transport chiefs are looking at innovative ways to turn their biggest cost into their biggest profit maker this year". Dr John Kavanagh is Director of the Technology Transfer Office, NUI Galway: "eagleEdge is a fine example of entrepreneurship leading to a very practical innovation and proves the adage that what gets measured gets done. This is a true Green Technology with cost benefits to the transport sector leading to lower fuel imports and a reduction in Ireland's carbon footprint".