Renewable energy business EcoLogicLiving has landed £500,000 of investment from The North West Fund for Energy and Environmental.
Region specific investment firm The North West Fund has supported the growth of EcoLogicLiving (ELL) as it looks to expand into new areas of the UK.
The family-owned business based in Carlisle designs, installs and services lower environmental impact systems for home and business owners.
Founded in 2008 by Islam and Judy Pearson, husband and wife, it reported sales of £1.8 million for the year 2011/12, up from £920,000 in the previous period.
EcoLogicLiving’s new capital will be used to expand its team of 17 to better service the North West of the UK where it currently serves the Cumbria, Lancashire and Scottish Borders areas.
Judy Pearson, director of ELL, comments, ‘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 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.’
The North West Fund for Energy and Environmental is managed by CT Investment Partners and is part of the £185 million North West Fund, which provides debt and equity funding (from £50,000 to £2 million) to small and medium-sized enterprises based in, or relocating to, the North West of England. Its pool of capital is provided by the European Investment Bank and the European Regional Development Fund.
Adam Workman, partner at CT Investment Partners and new board member at EcoLogicLiving, says that the North West region is becoming a centre for low carbon businesses following a ‘dramatic increase’ in market consolidation within the renewables sector.
He adds, ‘EcoLogicLiving’s ability to keep up to speed with fluctuating trends in the market makes us confident that they can prosper in this competitive market.’
CT Investment Partners is also an advisor to the Carbon Trust regarding its venture capital activities.