i-Track Networks Goes Into Liquidation

Heating oil energy monitoring specialist i-Track Networks Limited has gone into liquidation. Originally established as Hopedale Securities Limited in 2009, the London registered but Belfast based company, specialised in the development and supply of domestic heating oil smart monitors.

Headquartered in Belfast’s ‘Northern Ireland Science Park’, i-Track Networks was backed by a combination of private and UK government funding. The company’s IT1000 and IT9000 devices, were developed with several international technology partners including US based Texas Instruments; Tyndall National Institute in Cork, Ireland; The Queen’s University of Belfast, UK; Nihon Dempa Kogyo in Tokyo, Japan; and, EMC Technologies in Australia.

The company specialised in technology, which allowed customers to monitor and analyse heating oil usage and consumption. A range of complementary products was also under development, but it is understood none of these reached the market perior to the company’s demise.

In early 2012, i-Track signed an exclusive trading agreement with an Irish fuel tank manufacturer. The agreement saw i-Track devices supplied with i-Tank Bunded Heating Oil Tanks. However, as reported last week, one leading heating oil tank manufacturer recently announced it was instead to supply Apollo products manufactured by i-Track rival, Dunraven Systems Limited.

According to the company’s website, i-Track was led by a team of industry ‘professionals’. Managing Director, Les Curran had previously worked for several leading technology companies including General Electric, Schlumberger and Fujitsu. Prior to becoming i-Track CEO, Les worked for Anglo-Irish temperature monitoring specialist Kelsius and UK electronic point of sale developer airPOS.

Described as a ‘highly experienced C level executive’, prior to joining i-Track earlier this year, Dr. Ian McMorris held a number of senior roles with organisations in the UK and Republic of Ireland. As CEO at Ulster Weavers, he oversaw the move of much of its production offshore. Ian is a former Chairman of the Confederation of British Industry in Northern Ireland and a member of the Northern Ireland Economic Development Forum.