Maven has invested £750,000 in Lancashire-based Extreme Low Energy (ELe), a technology platform which stores and efficiently distributes low voltage DC power, targeting a number of different sectors. The funding will enable the firm to double its staff numbers in the next 12 months, expand its range of applications for the technology, which include powering infrastructure, monitoring and security systems and applications within crop growing industries, and create a dedicated research and development function to accelerate the delivery of the new products.
ELe has developed a platform for the storage and efficient distribution of low voltage direct current (DC) power where its technology reduces the total energy consumption of a DC device. ELe has already successfully deployed low energy DC power distribution infrastructures and ICT equipment into the UK, African Education Sectors and the UK modular housing market. The company aims to expand into a broader range of markets, including monitoring security systems, computer servers, crops grown under LED lights and power infrastructure in developing countries.
The firm was co-founded in 2014 by experienced entrepreneur and investor Mark Buchanan. Building on his experience in computer engineering and renewable energy, Mark recognised that while power supply is globally standardised on Alternative Current (AC) transmission, many of today’s everyday electrical products such as computers and air-conditioning run on DC power and as a result, require bulky, inefficient, energy wasting transformers. Identifying the potential energy and carbon savings that could be achieved by eliminating the wasteful AC/DC conversion process, Mark created a ground-breaking patented DC power infrastructure and is working on various ultra-low power DC devices. The business’ DC power infrastructure technology typically runs on 50-70% less energy than existing AC alternatives.
Backed by a highly skilled and experienced senior management team, Chairman Mark Frost takes an active role, mentoring the leadership team and providing technical and intellectual property expertise and guidance.
Mark Buchanan, Co-Founder and Technical Director of Extreme Low Energy, said: “We are really excited about the opportunity to commercialise our low energy solution technology and support the paradigm shift in how people think about energy infrastructure. The funding from NPIF – Maven Equity Finance will allow us to accelerate the growth of our business and help us to establish Extreme Low Energy as a significant supplier within the energy sector.
"It’s great to be recognised and supported through the Northern Powerhouse Investment Fund. NPIF - Maven Equity Finance has offered us great business support and guidance through the funding process so far and we are looking forward to continuing to work together.”
Simon Thelwall-Jones, MSIF Investment Directorsaid: “We are delighted that NPIF has backed Extreme Low Energy, a fast-growing company with some really exciting patented technology. We believe that the potential addressable markets for the company’s various product offerings are global and Mark is supported by a group of fellow directors/shareholders who have considerable experience of successfully building a global technology business previously. We really do think that this business is one to watch for the future.”
The Northern Powerhouse Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
If your business is in need of finance to help unlock its growth potential, NPIF Maven Equity Finance may be able to help. Contact Maven’s local team today on 0161 233 3500.