Ecovision has charged itself for the next phase of its business development, with a focus now set to be on its Hassle Free Boilers (HFB) offering. Launched in 2013, HFB provides energy efficient Vaillant gas boilers saving users a reported 40 per cent on gas bills.
The business has also indicated that it would also like to scale up its Air Source Heat Pumps (ASHP) offering, aimed at savings associated with oil, LPG and electric heaters.
Ecovision was set up by entrepreneur Peter Randall, who previously founded Telco/ISP Telinco before selling it for $250 million to Tiscali, in 2005 and has installed in excess of 5,000 systems since inception.
New developments will be financed using £3.6 million of investment from the bank-backed Business Growth Fund (BGF).
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Randall says, ‘We are delighted to be working with Business Growth Fund who are not only providing Ecovision with growth capital but also access to their network and expertise.
‘Businesses like Hassle Free Boilers need capital to grow rapidly which then means that customers can access much more cost-effective energy by buying heating in a smarter way.’
Ecovision will first create a ‘significant installed base’ of its HFB boilers with contractual revenues.
Recent developments at Ecovision saw it sell its Free Photovoltaics business of solar systems to Aviva in May 2013, returning the investment and a premium to backers.
Ned Dorbin, investment director at BGF, comments, ‘There are a number of opportunities in the household sustainable energy market for Ecovision to capitalise on and the team has worked hard to establish themselves in this market and build up their excellent reputation.
‘Our capital, together with the debt facility from Shawbrook, will immediately be invested in the increased marketing of Ecovision’s Hassle Free Boiler offering so that it gains increased momentum and traction in the market.’