Extra finance for EcoLogicLiving
RENEWABLE energy business EcoLogicLiving has secured a second equity investment from the North West Fund.
The energy and environmental sub-fund, managed by CT Investment Partners, has put in £150,000. It follows a £500,000 deal last year.
Carlisle-based EcoLogicLiving supplies and installs renewable energy and heating equipment. The extra cash will be used to market a US-made outdoor log boiler, the E-Classic.
Director Judy Pearson said: “The additional loan package from The North West Fund will provide us with the necessary capital to grow our business in the renewable energy markets and fund new products.
“The E-Classic will offer huge benefits to our rural customers. It is a much simpler unit to install than a conventional biomass boiler system, can sit outside without the need for a dedicated plant room, offers excellent value for money and operates very efficiently.
“Making this product available in the North of England and Southern Scotland will service the demand from clients wanting to get onto the non-domestic Renewable Heat Incentive at its current rate.”
EcoLogicLiving was founded in 2008 by husband and wife team Islam and Judy Pearson. It has 22 staff and recorded sales of £1.8m in the year to the end of March. Sales are expected to hit £4.5m in the year to March, 2013.
