Carlisle-based EcoLogicLiving, a reseller of renewable energy and power technologies, has secured £500,000 from the North West Fund for Energy and Environmental.
EcoLogicLiving sell and installs energy, heat and power generation systems across Cumbria, Lancashire and Scottish Borders. The company was founded in 2008 by husband and wife team Islam and Judy Pearson.
Revenue has grown from £920,000 in 2010/11 to £1.8m in 2011/12. The company is now targeting growth in domestic and commercial renewable heating and energy markets. The funding will be used to expand its team in order to increase its reach across the North West. ELL currently employs 17 staff alongside a network of specialist sub-contracted engineers and a growing team of sales representatives.
NWF4EE is managed by CT Investment Partners and is part of the £185m North West Fund, which is provided jointly by the European Investment Bank and European Regional Development Fund.
CT Investment Partners has taken an undisclosed equity stake in EcoLogicLiving under the terms of the deal.
Judy Pearson, director of ELL, said: "We pride ourselves on delivering high-quality customer service which helps us to remain at the forefront of energy solutions. 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 help 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. We will also continue to execute our innovative approach to renewable energy by maximising carbon saving and reducing costs for our clients wherever possible."
Adam Workman, partner at CT Investment Partners and fund manager of NWF4EE, said: "The North West region is rapidly developing into a centre for low carbon industries. Many businesses are now seeking out innovative cleantech methods and we have noticed a dramatic increase in market consolidation within the renewables sector.
"EcoLogicLiving's ability to keep up to speed with fluctuating trends in the market makes us confident that they can prosper in this competitive marketplace. The investment will fuel growth and open up a range of exponential opportunities that are readily available in the rapidly expanding renewables sector."
Stuart Scott-Goldstone at Aaron & Partners advised CTIP on the deal and Rebecca Mills at Semple Fraser advised EcoLogicLiving.
Adam Workman, investment director from CT Investment Partners, has been appointed to the board of the company with immediate effect.