Phoenix says energy saving technology installed at their factory in Makandura during 2011 - 2012 helped conserve energy by 13 percent in the first twelve months and 34 percent during the last 24 months.

"[O]ur achievement in continuous energy saving has given us a competitive advantage in today’s environment of rapidly escalating energy costs," managing director Aslam Omar said in a statement.

The company's Makandura factory received the Gold Flame award for large scale manufacturers in an award scheme run by Sri Lanka's sustainable energy authority which promotes energy conservation and the use of renewable energy.

"These reductions have been made possible by the use of more energy efficient hybrid machines, rearranging of compressed air and chilled water lines for increased efficiency, use of variable speed drive chillers to prevent heat losses," C

Chief executive Hasith Prematillake said energy efficient hybrid machines had been installed, compressed air and chilled water lines had been re-arranged for increased efficiency and variable speed drive chillers have been used to prevent heat losses.

"A new capacitor bank has also been installed to correct power factors and the use of renewable energy sources such as skylights imported from USA," he said.

The company said earlier this year it had installed Sri Lanka's first all-electric injection molding machine from Japan which can save energy up to 70 percent.