A GUERNSEY company funded primarily by local investors could hold the solution to the world’s energy problems. Theodoma Environmental Systems has developed technology capable of efficiently converting waste heat from boilers and other systems into mains electricity.

‘This is potentially very, very big,’ said chief executive officer Keith Drysdale.

‘If this product was legislated by international governments, we believe it could avert global warming.’

Mr Drysdale, an inventor and chartered electrical engineer who lives in Australia, came to Guernsey looking for investors interested in his business.

‘It started as a hobby project about 12 years ago when I thought that energy was going to be an issue,’ said the 66-year-old.

A total of 18 local backers have contributed around £1m. towards research and development and own approximately 30% of the company.

A test unit at Heathrow Airport used four industrial boilers and has proved to be a success.

‘The boilers generate 44MW of heat and are 80% efficient, which means 20%, or eight to nine million watts of the heat, is wasted,’ he said.

‘The technology is capable of producing electricity from five to 10% of this figure. This could produce up to a million watts of heat – enough to drive a large chiller of a 500-room hotel.’

The company is targeting three major markets. Waste-heat recovery from large boilers and industrial processors, cooling systems such as air-conditioning units and home solar-thermal systems, which can be installed on rooftops.

Using the sun as its heat source, Mr Drysdale reckoned that 10 square metres of solar-thermal installed roof space would be sufficient to power an entire house.

The firm is currently in consultation with boiler technology company Saacke, which is offering Theodoma a UK boiler base and has agreed a joint marketing arrangement to install the technology.

If this is a success, Mr Drysdale believes it could extend to a worldwide agreement.

BAA has also requested a quote for the installation of a full-size energy-recovery system.

Mr Drysdale said the company was currently in discussions with a leading London stockbroker regarding a possible year-end float of the UK operation, a subsidiary of the Guernsey company, on the Alternative Investment Market.

Mr Drysdale said the idea came to him in a compelling dream which has driven his enthusiasm ever since.

‘There was nothing on the radar to do what was necessary to avert an inevitable energy crisis,’ he said.

‘The vision of the company is to become world leaders in the conversion of waste heat to power for the benefit of mankind.’

The company’s name comes from the Greek words for god (theo) and gift (doma).

Mr Drysdale said he was extremely grateful to all his sponsors and the Australian Government for the company’s grant.

He is married with three children.