Cool £1m investment boost for FireChill
UP to 100 jobs could be created following the securing of almost £1m of funding for the next stage of development of cooling technology company FireChill.
A group of private investors has pledged the cash to add to the £4m invested to date in research and development.
The funding will enable production to commence of FireChill’s energy efficient chilling and refrigeration units and help drive growth of the products globally.
FireChill believes the units has numerous applications, including reducing supermarket energy costs through pre-cooling; removing supply chain food waste in India; and the high-volume production of water from air in South Africa and Australia.
FireChill now holds the exclusive worldwide manufacturing and distribution rights for the patented heat-activated cooling technology which significantly reduces the energy required to deliver cooling and refrigeration.
The company said the technology reduces operating costs by up to 20% in traditional air conditioning applications and by up to 80% when integrated into a combined heat and power (CHP) system.
The capture of waste or excess heat means a single entry-level 17.5kw unit saves the annual CO2 emissions of up to 14 family cars, the company said
Simon Clothier, Leeds-based FireChill’s chief executive, said the low cost, low carbon technology would prove popular in areas which are hot, crowded, and in places where gas and electricity is unreliable or expensive.
The funding will also accelerate infrastructure development, product field-testing and manufacturing mobilisation.
FireChill Manufacturing, a joint venture with Rotherham-based specialist engineering firm Newburgh Engineering, will be responsible for the production of units, while FireChill Trading will focus on global distributor recruitment and marketing.
The first units are expected to be shipped next month and. once in full production, FireChill will create up to 100 new jobs directly with many more expected to be made in the supply chain.
Mr Clothier said: “This is an exciting next step for FireChill. We can now take this innovative technology to a global market whilst creating new jobs for the UK economy.
“Being a UK manufacturer and exporter of environmentally-friendly, green technology aligns us firmly with the new government’s agenda for the economy’s rehabilitation.
“We are also very grateful to our private investors who have backed the proposition, the team and a pre-revenue business in a challenging fund-raising climate. We are absolutely delighted we can now get on and build the business.”
Mr Clothier is joined on the executive team by Nick Williams, an experienced finance professional, US-based inventor Ron Soka and manufacturing director Vince Middleton of Newburgh Engineering.
Geoffrey Lander, who has spent most of his working life in and around commercial property and support services, will chair the group.
FireChill was advised on the new investment by Stuart Hillston of Constellation Capital, Ian Gilbert and Rebecca McCall of Walker Morris, Tim Parr of Baker Tilly and Dick Wolff of US firm Spengler Nathanson.
NatWest has been appointed as the company’s bankers.
