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Elemental Powers towards Early Growth Fund’s second investment

20/04/2007

East Midlands Development Agency (emda) and E-Synergy Ltd are pleased to announce the second East Midlands Early Growth Fund investment which will go to Leicestershire-based Elemental Power Limited. 

A start-up company which provides custom-made renewable energy installations, Elemental Power is set to receive a total of £100,000 from the Fund and business angels, alongside a financial contribution from the company’s founders.   The investment will support a major launch across the East Midlands that will see the company offering homeowners, commercial customers and local authorities state-of-the-art solar thermal heating systems.

The market for renewable energy products is one of the fastest growing sectors in the UK and offers the potential to become a major business sector.  It has evolved over the last three years from a niche to a mainstream commercial opportunity and while alternative fuel costs continue to escalate, renewable energy costs continue to fall.

Elemental Power, based in Slawston near Market Harborough, was founded in December 2006 after Ben Merrett (a former Chief Executive of an Alternative Investment Market (AIM) listed software company) and Nigel Sedgewick, (previously a Managing Director of a major Insurance provider), identified the need for a professional nationwide provider of thermal heating systems.

Ben Merrett, Joint Managing Director at Elemental Power, said: “In recent years, the landscape for renewable energy products has changed considerably. While the green agenda remains a major force, the economic arguments are now coming to the fore.  Our systems offer a cost saving of over £20,000 to the average homeowner over the life of the product, and the savings to businesses are considerably more.”

Jonathan Lowe, emda’s Head of Investment, added:  “We welcome the news of this second investment.  It marks a success on two fronts - firstly, in helping another SME with early stage technology to overcome barriers to growth, and secondly, in maximising the economic and environmental benefits of renewable energy technologies.  Both areas are highlighted in the Regional Economic Strategy (RES) as important factors in improving the economic prosperity of the East Midlands, helping it to become a flourishing region by 2020.”       

Nick Wright, East Midlands Early Growth Fund Investment Executive for E-Synergy Limited (the firm which manages the Fund), said:  “We believe that Ben and Nigel have spotted a lucrative opportunity in a fast growing market and we believe in their ability to quickly create a reputable, highly professional nationwide leader in the renewable energy sector. We look forward to working with Elemental Power to help create the UK leader in renewable energy supply and installation.”

The £5m Early Growth Fund was launched by emda last November with the aim of boosting investment in more start-up and early-stage businesses across the region.  This latest investment is expected to be the first of a number of deals which will be announced over the coming few weeks.  

ENDS

For further information on this press release, or to request any interviews, please contact Clare Baker (emda Media and PR Manager) on 0115 988 8583 or clarebaker@emd.org.uk

Notes to editors :

About Elemental Power

Elemental Power Ltd supply, install and maintain solar thermal heating systems. The Renewable Energy (“RE”) market is being driven by the increasing cost effectiveness of products, increasing consumer awareness of the impact of climate change, increasing conventional fuel costs and, to a lesser extent, government support with grants and reduced VAT charges.  Visit www.elementalpower.co.uk for further information.

About the East Midlands Early Growth Fund

The Fund was officially launched by emda in November 2006 and is managed by E-Sy