Jobs boost as Irish energy firm wooed by NW Fund
AN IRISH company which develops biomass heat and power systems is moving to the North West after winning investment from the North West Fund for Energy and Environmental.
Imperative, founded in County Kildare in 2007, is expected to create up to 30 jobs in Sandbach, Cheshire,as a result of the investment from the North West Fund, which has teamed up with the Environmental Infrastructure Development Company.
The NW Fund will invest up to £2m for a minority stake in Imperative which supplies bioenergy solutions to the industrial, commercial and public sectors across the UK and Ireland.
Imperative is targeting significant growth on the back of ‘green legislation’ including the Renewable Heat Incentive and the Renewable Obligation Act.
It says it expects to deploy more than £200m in building biomass heat and CHP plants throughout the region over the coming few years.
Adam Workman, partner at CT Investment Partners and fund manager of NWF4EE, said: “Despite the difficult economic conditions and delays to the implementation of the Renewable Heat Initiative, Imperative has grown into a top quality provider of bioenergy solutions and one that can really capitalise on the growing market for alternative energy solutions.
“By investing alongside the existing and incoming management teams, we have real confidence in what the business can achieve and look forward to supporting them in fulfilling their ambitions. The move to the North West is a real coup for the clean technology sector and is tribute to its growing prominence as a key economic driver in the region.”
Joe O’Carroll, managing director at Imperative Energy, said: “The funding and support of the NWF4EE will enable the executive team to drive forward our business which has great potential to grow over the next decade.
“With rising fuel costs and demand for clean technology, Imperative Energy is perfectly placed to take advantage of the opportunities that a growing alternative energy market presents, and we are delighted to be doing this out of the North West.”
Ed Simpson, investment director, from CT Investment Partners and Peter Bachmann, partner, from EIDC have been appointed to Imperative’s board.
