Six-figure funding accelerates growth at energy efficiency specialist

Air source heat pump installer, Project Heating Solutions, has recorded year-on-year growth thanks to a six-figure funding boost from NPIF – FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment Fund (NPIF).

Since Doncaster-based Project Heating Solutions began trading in 2018, it has grown from a turnover of £1m in its first year to £6.2m in the last financial year.

The business is on track to record an £8.6m turnover this year. Today it employs 29 people, after starting with five staff in 2018.

The company offers a range of energy efficient solutions including air source pumps and solar panels.

Russell Steelyard, managing director, said: “We are committed to delivering superior products to our customers. I work with a brilliant team who all share and embrace my work vision to make sure our customers are 100% happy.

“The investment managed by Dave Hawkins and the team at FW Capital has also been integral to our success.

“When we secured the funding in March 2020, no one could have predicted how the world would change from the impact of Covid.

“Our business remained strong and thanks to the investment we had a solid platform to support our growth strategy. I am pleased that we can repay the funding in full after three years.”

Dave Hawkins, portfolio executive at FW Capital, said: “I am pleased to be a part of the success enjoyed by Russell and the team at Project Heating Solutions.

“The funding provided through the Northern Powerhouse Investment Fund has been instrumental in driving the impressive growth of the business.

“The strength of their products and service has helped Project Heating Solutions to expand their order book and record some impressive growth figures.”

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