The North West Fund is managed by CT Investment Partners, investment advisors to the Carbon Trust, and is part of the £185m NW Fund, which is provided jointly by the European Investment Bank (EIB) and European Regional Development Agency (ERDC).
(PRWEB UK) 20 February 2012
Imperative Energy (“the Company”), which was founded in 2007 in Co Kildare, Ireland, is a leading supplier of bioenergy solutions (heat, steam and power) to the industrial, commercial and public sectors across the UK and Ireland. The business will move the headquarters of its operations to an existing site at Sandbach, Cheshire, following the investment.
NWF4EE will take a minority stake in Imperative Energy in order to support its ongoing growth and development. EIDC, experts in the sector, are investing alongside the NWF4EE and will play a key role in supporting the team in the delivery and financing of projects.
The Company is targeting significant growth on the back of the Renewable Heat Incentive and the Renewable Obligation Act. It expects to deploy over £200m in building biomass heat and CHP plants throughout the region over the coming few years. This expansion will see it recruit up to 30 new staff in the coming years and it has immediately announced the opening of three new vacancies in its sales and servicing departments.
The 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 (EIB) and European Regional Development Agency. CT Investment Partners also advises the Carbon Trust on its venture capital activities and is one of the most experienced investors in this space.
Adam Workman, partner at CT Investment Partners and fund manager of NWF4EE, said: “Despite the difficult economic conditions and delays to the implementation of the Renewable Heat Initiative, Imperative has grown into a top quality provider of bioenergy solutions and one that can really capitalise on the growing market for alternative energy solutions.
“By investing alongside the existing and incoming management teams, we have real confidence in what the business can achieve and look forward to supporting them in fulfilling their ambitions. The move to the North West is a real coup for the clean technology sector and is tribute to its growing prominence as a key economic driver in the region.”
Joe O’Carroll, managing director at Imperative Energy, said: “The funding and support of the NWF4EE will enable the executive team to drive forward our business which has great potential to grow over the next decade.
“With rising fuel costs and demand for clean technology, Imperative Energy is perfectly placed to take advantage of the opportunities that a growing alternative energy market presents, and we are delighted to be doing this out of the North West. Having such knowledgeable investors on board is key to growing a renewable energy business in the continuing difficult banking environment. EIDC’s track record in project finance, coupled with CT Investment Partners’ obvious sector experience and broad network will be a key differentiator for Imperative Energy.”
Ed Simpson, investment director, from CT Investment Partners and Peter Bachmann, partner, from EIDC have been appointed to the board of the company with immediate effect. Chris Hughes, previously Sales Manager for the UK, has been promoted to the position of Sales & Marketing Director and also joins the board.
For Imperative Energy:
Joe O’Carroll (joe.ocarroll(at)imperativeenergy(dot)com; (+353.86.2554182)
For The North West Fund/ NWF4E&E:
Alastair Henry @ MC2 (0161 236 1352 / 07738206847)
About CT Investment Partners
The North West Fund for Energy & Environmental is managed by CT Investment Partners (“CTIP”). Established in 2006, CTIP also advises the Carbon Trust on its clean energy venture capital investment activities and on the suitability of companies for admission to the Carbon Trust Entrepreneurs Fast Track, which aims to ‘turbo charge’ investment in early stage clean tech companies.
As a fund manager for The North West Fund, CTIP’s role encompasses identifying appropriate investment opportunities, conducting due diligence, negotiating and structuring transactions, and monitoring and managing investments until exit.
About Imperative Energy
Imperative Energy offers a full turnkey service to customers, from feasibility, design and equipment supply and installation through to full financing, fuel supply, operation and maintenance of plant. This provides customers the option of owning and operating biomass energy plants themselves or of having the plants built on-site for them to benefit from the renewable energy without having the capital expense of owning the plant or the need to operate it themselves. Projects financed by Imperative for customers are called ESCOs and they represent a highly attractive investment class whilst also being a long term provider of sustainable base-load energy.
Imperative’s dedication to excellence was recognised in 2011 as it was awarded the “Best in Bioenergy” title by the Global Cleantech Cluster Association . In its 2011 financial year Imperative nearly trebled its revenues in a difficult market. Now that the Renewable Heat Incentive has been launched in the UK it is poised to accelerate this growth further, expanding both the sale of plant and the development of bioenergy projects to provide heat / steam / electricity directly to customers.
The North West Fund
The North West Fund is a £185m evergreen investment fund established to provide debt and equity funding to small and medium sized enterprises based in, or relocating to, the North West of England. The Fund addresses an identified gap in the lending, venture capital and private equity markets. It one of the largest public sector funds of its kind in Europe and the largest in the UK.
The North West Fund is financed by the European Regional Development Fund and the European Investment Bank (EIB) under the European Commission's Joint European Resources for Micro to Medium Enterprises Initiative – otherwise known as the JEREMIE programme.
The North West Fund is the umbrella name for the six funds that are available to businesses in the form of debt, equity and quasi-equity. These funds are managed by six fund managers under contract with North West Business Finance Limited (NWBF), which has been established to oversee the delivery of the Fund.
Initially, £170m of The North West Fund has been allocated to the six fund managers.
Each fund manager now has a mandate to invest their allocation into the specific product or sector they manage, until 31st December 2015. Such further allocations will be made as investment needs become more apparent.
North West Business Finance Ltd (NWBF) is a private, not for profit company, established to oversee the delivery of The North West Fund.
European structure, JEREMIE
The JEREMIE initiative offers EU Member States, through their national or regional Managing Authorities, the opportunity to use part of their European Union (EU) Structural Funds to finance small and medium-sized enterprises (SMEs) by means of equity, loans or guarantees, through a revolving umbrella fund. The initiative was developed by the European Commission (EC) and the European Investment Fund (EIF), which is part of the European Investment Bank (EIB) Group.
JEREMIE provides for a range of debt and equity financial tools to obtain the most appropriate allocation of funds according to national, regional or local requirements.
ERDF in the Northwest
The European Regional Development Fund (ERDF) is making a real difference to people and businesses in the North West. With €755 million to invest between 2007 and 2013, ERDF is enhancing the competitiveness of the region’s economy by supporting growth in enterprise and employment.
ERDF in the North West is managed by the Department for Communities and Local Government – for further information visit http://www.communities.gov.uk/erdf.
The European Investment Bank (EIB)
The EIB is the European Union’s long-term financing institution and, provides long-term finance for capital projects promoting European economic objectives. The EIB made its first loan in the UK in 1973 and since then has lent around €75bn for investment in the UK economy. In the years from 2004 to 2009, the EIB financed investment in the UK totaling some € 23.5bn - GBP 17.5 billion.
The Environmental Infrastructure Development Company (EIDC)
EIDC is a specialist environmental infrastructure development and investment company established to bridge the knowledge and skills gap between the disparate project developers seeking support and funding and the institutional investors seeking access to this highly attractive sector. EIDC is personally backed by Jon Moulton and further information can be found at http://www.eidc.co.uk