Funding for growth for renewables firm
A RENEWABLE energy business, which has seen sales double over the last year, has sealed a £500,000 funding boost to fuel further growth.
EcoLogicLiving, of Carlisle, is set to hire more staff as it sees growing demand from businesses and householders for renewable energy products.
The 17-strong business, which has from tunrover from £920,000 to £1.8m in the last year, has been backed by The North West Fund for Energy and Environmental. (NWF4EE).
EcoLogicLiving resells and installs of renewable energy, heat and power generation technologies across the Cumbria, Lancashire and the Scottish Borders.
Founded in 2008 by husband and wife Islam and Judy Pearson, EcoLogicLiving believes it has strong growth prospects in both the domestic and commercial renewable heating and energy markets.
WLL will use the funding to expand its team in order to increase its reach across the North West.
Director Judy Pearson, director of ELL, said: “With this investment, our aim is to target more customers across a range of domestic and commercial sectors throughout the UK.
“The funding will not only provide us with the injection of cashflow crucial to grow our business financially, but it will help support the development of our executive team. We expect to create a significant number of extra jobs over the next three years to support our growth.
“We will also continue to execute our innovative approach to renewable energy by maximising carbon saving and reducing costs for our clients wherever possible.”
The NWF4EE is managed by CT Investment Partners and is part of the £185m North West Fund, which is provided jointly by the European Investment Bank (EIB) and European Regional Development Fund (ERDF).
Adam Workman, partner at CT Investment Partners and fund manager of NWF4EE, said: “The North West region is rapidly developing into a centre for low carbon industries. Many businesses are now seeking out innovative cleantech methods and we have noticed a dramatic increase in market consolidation within the renewables sector.
“EcoLogicLiving’s ability to keep up to speed with fluctuating trends in the market makes us confident that they can prosper in this competitive marketplace.
“The investment will fuel growth and open up a range of exponential opportunities that are readily available in the rapidly expanding renewables sector, added Mr Workman, who has joined ELL’s board.
Stuart Scott-Goldstone at Aaron & Partners advised CTIP on the deal and Rebecca Mills at Semple Fraser advised EcoLogicLiving.
