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12 March 2013

EcoLogicLiving secures further funding from The North West Fund for Energy & Environmental

Press Release 12th March 2013

Renewable energy business EcoLogicLiving is set to boost turnover by 150 per cent following a further £150,000 investment from The North West Fund for Energy & Environmental, managed by CT Investment Partners.

The Carlisle-based company recorded a turnover of £1.8million for the financial year ending March 2012. It is expected to reach £4.5million by year-end March 2014.

The follow-on funding will provide the firm with a loan to help launch an exclusive product, the E-Classic outdoor log boiler, which is manufactured in Minnesota, USA.

This product will enable EcoLogicLiving to target rural markets and allow Cumbrian farmers to capitalise on the Renewable Heat Incentive introduced by the Government.

The funding follows an initial investment of £500,000 in April 2012 by The North West Fund for Energy & Environmental, which is part of The North West Fund. It is financed jointly by the European Regional Development Fund and the European Investment Bank.

Judy Pearson, director of EcoLogicLiving, said: "The additional loan package from The North West Fund will provide us with the necessary capital to grow our business in the renewable energy markets and fund new products.

"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 dedicated plant room, offers excellent value for money and operates very efficiently.

"Making this product available in the North of England and Southern Scotland will service the demand from clients wanting to get onto the non-domestic Renewable Heat Incentive at its current rate."

EcoLogicLiving was founded in 2008 by husband and wife team Islam and Judy Pearson. It is a leading reseller and installer of renewable energy, heat and power generation technologies across Cumbria, Lancashire and the Scottish borders.

The company has increased its headcount from 10 to 22 and is looking to recruit a further 8 to 10 staff in the next year.

Adam Workman is a partner at CT Investment Partners and fund manager of The North West Fund for Energy & Environmental. He also sits on the board of EcoLogicLiving as a non-executive director.

Adam said: "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."

 


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