Energy firm expands with VC backing

Carlisle-based EcoLogicLiving, a supplier of renewable energy and heating technologies, said it would double turnover this year to £3.6m following a £500,000 venture capital investment.

The firm secured the funding in April from the North West Fund for Energy & Environmental, managed by CT Investment Partners.

Following the funding deal, EcoLogicLiving appointed Chris Simpson, former executive chairman of Proven Energy, as non-executive chairman. The firm has also hired a new head of operations, two sales managers, a financial controller, designer estimator and a personal assistant. EcoLogicLiving increased the capacity of its office space by a third after installing mezzanine flooring.

Judy Pearson, director of EcoLogicLiving, said: "Among the work that has bolstered sales was our landmark project with Carlisle City Council, installing solar panels on the Sands Centre and Civic Centre. Having someone on board with Chris's level of expertise will also contribute tremendously to the development and success of our business."

Adam Workman, of CT Investment Partners, which manages The North West Fund for Energy and Environmental, said: "The impact of the funding has been outstanding for EcoLogicLiving. The firm is showing clear signs of increased productivity on the back of a rise in demand for its products and services.

"The firm has also taken a new product into its portfolio by developing a biomass range aimed at commercial businesses, which will have a positive impact by effectively reducing heating bills for companies across the region in a time of increasing energy prices."

EcoLogicLiving expects more work in the future to come from its relationship with Carlisle City Council.

The North West Fund for Energy & Environmental is jointly funded by the European Investment Bank and European Regional Development Fund.

Your Comments

Read our comments policy here