Energy systems firm receives funding boost

A NORTH West supplier of building energy management systems has received an investment of up to £1.5m to help with its growth.

Adam Communications of Stockport  was set up in 1990 by managing director Steve Dillon and technical director Joe Blower. To date, it has installed more than 8,000 building energy management systems.

Maven Capital Partners said the money would be used to allow the company to continue sales of its energy management products. 

In particular, it will help with the rollout of a recently-developed wireless technology that delivers lower energy costs by allowing a building’s owner to remotely monitor energy usage through a web-based system. The company  has won a number of new contracts to supply the system and plans to boost its staff of 45 people by adding new operational and sales staff.

“This investment will allow us to implement our growth plans and will deliver the working capital headroom necessary for the fast-paced growth we are currently experiencing,” said Dillon. “Furthermore, we will be able to increase our sales presence and target markets outside of our traditional sectors.

“I am confident that the next 12 months will be the most significant in the company’s 20 year history.”

The investment is one of the last to be made through the Capital For Enterprise A Fund, which was set up by the previous government in response to the credit crisis.

The aim of the fund was to provide “fundamentally sound” smaller businesses impacted by a lack of lending with access to growth capital.

The investment has been through a mezzanine loan.