Six-figure funding secured by heat pump specialist
A Nuneaton heat pump designer and installer has received a £250,000 funding package to drive forward its ambitious growth strategy.
Hex Energy secured the funds from MEIF Maven Debt Finance, which is part of the Midlands Engine Investment Fund and backed by the British Business Bank, following an introduction from the team at the Coventry & Warwickshire Growth Hub.
It plans to use the package to contribute to operational costs, create new job roles and finance its strategic relocation to another base in Nuneaton.
Hex Energy was founded in 2015 by CEO Andy Howley, one of only three certified Geo-Exchange designers in the UK. Over the last five years, Hex Energy has installed and supported 75 residential energy systems and 20 commercial systems.
It has recently won two new commercial systems projects through SALIX Financing (Funding public sector de-carbonisation schemes) with Cheltenham & Gloucester Council and Calderdale Council.
Martin Hadfield, investment manager for Maven, said: “This is a terrific opportunity for Maven and the MEIF to support the team at Hex Energy at this exciting time and in a significant period of growth.
“It is clear we are supporting a superb management team from the very first time we met with Andy, Matt and their part time Financial Director (FD), whose professional and expert understanding of this sector has the power to take the business to the next level”.
Mark Wilcockson, senior investment manager at the British Business Bank, added: “The MEIF backs SMEs with growth potential in the region, with a particular focus on innovative, sustainable solutions such as Hex Energy’s ground source heat pumps.
“This investment is a good example of the Fund’s efforts to support businesses that contribute to the sustainable energy sector and are looking to grow in the region.”
