Sustainable Energy Provider receives £800,000 boost | MEIF Maven
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Hams Hall Sustainable Energy Ltd (HHSE) has secured an £800,000 loan from MEIF Maven Debt Finance.
The business, who are part of energy project builder specialists BasePower, will use the funding to support the delivery of new contracts, including purchasing and installing a sustainable energy system for a Birmingham-based blue-chip customer.
HHSE utilises combined Heat and Power (CHP) technology to capture the heat formed during power generation, which is then put to productive use during the manufacturing process, resulting in reduced energy costs and carbon emissions for businesses. By having effective CHP schemes this can help businesses meet their CRC Energy Efficiency Scheme and Climate Change Obligations, therefore reducing certain green taxes and levies.
The business is led by a strong management team which has previously developed more than 30 energy generating schemes for a range of clients in the public and private sectors.
Dan Poulson, Founding Director at HHSE, said: “It is great to receive the backing and support of MEIF and Maven. The funding will enable us to provide our key clients with substantial savings on energy that would otherwise have been supplied from the electrical and gas grids, and helps support the UK’s transition to a low-carbon economy.”
Demetri Theofanou, Investment Manager for Maven, said: “HHSE is a growing Midlands-based business that is deploying tested technology to key blue-chip customers within the region. The business has an established management team which has successfully implemented numerous projects already and we are delighted to support the business, enabling it to meet clients’ needs. We look forward to seeing the business grow over the coming years.”
Ryan Cartwright, Senior Manager at the British Business Bank, said: "The MEIF is continuing to support the development and roll out of new technologies, with this latest investment in HHSE enabling the integration of sustainable energy systems. We would encourage other businesses looking for finance options to innovate and grow to consider the funds available through the fund.”