iO Energy keen to help transform the energy sector through smart software

iO Energy plans to help the energy retailing industry evolve its technology, while helping customers find cheaper, cleaner power.

iO Energy's Luke Morton and Rob Morris with advisory board member Lynn Gallagher. Picture: Supplied

Power disrupter iO Energy has made key hires including the head of Energy Consumers Australia as it gears up for further growth in the turbulent electricity sector.

The Adelaide-based company has welcomed Lynne Gallagher as an adviser to the company, and hired Reuben Bishop as its inaugural chief technical officer.

Ms Gallagher is the chief executive of Energy Consumers Australia and has more than 25 years’ experience in the energy sector.

She is currently a member of the Future Trends Advisory Committee of Energy Safe Victoria and also sits on the Monash Energy Institute Industry Advisory Council and the NSW Renewable Energy Sector Board.

iO Energy co-founder and chief operating officer Luke Morton said the current explosion in energy prices pointed to a greater need going forward for customers to have a better method for reducing their energy costs, which was where iO Energy could help.

“We deliver clean energy and lower bills to our customers in a multitude of ways,’’ Mr Morton said. “Our core product is supplying affordable renewable energy, and that’s complemented by the use of smart technologies like smart meters and data-driven analysis to help customers to make structural shifts in how they use energy.’’

Mr Morton said both residential and businesses customers could essentially “program” their energy use to take advantage of the best pricing during the day.

“Businesses are pretty lucky because 95 per cent of them operate during the daytime.

“Our business customers range from small businesses to multi-site franchises, to manufacturing facilities and local government.They’re in a good position and we help them to improve on that.’’

The company is expecting to raise capital at some stage this year, and it continues to develop its technology.

“Two years ago we foresaw rises in electricity prices with the decline of coal,’’ Mr Morton said.

“A year ago we decided to enter the retail electricity market to understand how to help customers avoid that (prices rises), and this year we want to raise capital to finance both our tech and our growth.’’

Mr Morton said iO Energy was also aiming to develop software solutions for the broader retail electricity industry.

Mr Morton said there were a lot of corporates looking to enter the energy sector and iO Energy aimed to have a role to play in facilitating that transition. Mr Morton said much of the technology used in the sector was outdated and ripe for replacement.

Ms Gallagher said the energy sector needed innovation in terms of how customers are supplied, rather than the previous “one size fits all” model.

“I am keen to encourage innovation and support innovators in their journey through providing strategic advice on future trends and consumer perspectives,’’ she said.