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20 February 2012

Imperative Energy builds on UK momentum with North West Fund investment

Press Release 20th February 2012

A leading provider of biomass heat and power solutions has moved to the North West after completing its latest round of fundraising with investment from The North West Fund for Energy and Environmental ("NWF4EE") and the Environmental Infrastructure Development Company ("EIDC").

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 Fund (ERDF). 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.

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