Renewable energy business EcoLogicLiving has netted a £150,000 loan less than a year since it raised £500,000.
The Carlisle-based business, which matches domestic and commercial properties with suitable renewable energy technologies, has utilised its existing relationship with backer The North West Fund for Energy & Environmental to complete the deal.
EcoLogicLiving’s new £150,000 cash pile will allow it to launch the E-Classic outdoor log boiler, which is manufactured in Minnesota, USA.
The business was founded in 2008 by husband and wife team Islam and Judy Pearson. For the year ending March 2012 it reported a turnover of £1.8 million and expects this to grow to £4.5 million by year-end March 2014.
Judy Pearson, director of EcoLogicLiving, says that the capital from The North West Fund will provide the business with the necessary vends to grow and fund new products.
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She adds, ‘The E-Classic will offer huge benefits to our rural customers. It is a much simpler unit to install than a conventional biomass boiler system, can sit outside without the need for a dedicate plant room, offers excellent value for money and operates very efficiently.’
Having received its first investment back in April 2012, EcoLogicLiving has grown its staff count from 10 to 22 and is planning to add a further eight to ten employees in the next year.
Adam Workman, partner at CT Investment Partners, which manages The North West Fund for Energy & Environmental, says, ‘EcoLogicLiving has demonstrated significant growth in commercial renewable heating and energy markets over a short period of time.
‘Our continued support will help the firm achieve its goals and support the business as it drives innovations in commercial biomass.’