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17 September 2012

EcoLogicLiving on target to double turnover to £3.6m

Press Release 17th September 2012

A provider of renewable energy is on target to double turnover to £3.6million in its next financial year following investment from The North West Fund for Energy and Environmental, managed by CT Investment Partners.


Carlisle-based EcoLogicLiving supplies and installs renewable energy and heating technologies for homes and businesses, including solar PV panels and biomass. The firm secured an injection of £500,000 venture capital in April this year and is already noticing the signs of success.


Turnover, which was £1.8million in the year to March 2012 is projected to be £3.6million by the end of the 2012/13 financial year.


Following funding from The North West Fund for Energy and Environmental, EcoLogicLiving has appointed Chris Simpson, former executive chairman of Proven Energy, as a non-executive chairman to provide general guidance and offer expertise within the renewables sector.


The firm has also launched for at least six new roles, including a head of operations, two sales managers, a financial controller, designer estimator and a personal assistant.


Along with its recruitment, EcoLogicLiving has increased the capacity of its office space by a third after installing mezzanine flooring.


Judy Pearson, director of EcoLogicLiving, said: "Among the work that has bolstered sales was our landmark project with Carlisle City Council, installing solar panels on the Sands Centre and Civic Centre. Having someone on board with Chris's level of expertise will also contribute tremendously to the development and success of our business."


Adam Workman, of CT Investment Partners, which manages The North West Fund for Energy and Environmental, said: "The impact of the funding has been outstanding for EcoLogicLiving. The firm is showing clear signs of increased productivity on the back of a rise in demand for its products and services.


"The firm has also taken a new product into its portfolio by developing a biomass range aimed at commercial businesses, which will have a positive impact by effectively reducing heating bills for companies across the region in a time of increasing energy prices."


EcoLogicLiving expects more work in the future to come from its relationship with Carlisle City Council.


Carlisle MP John Stevenson said: "This is great news for a great Carlisle company that is looking to expand and grow.


"This investment shows that firms in Carlisle are capable of competing with companies not just elsewhere in the North West, but globally within the market of new and renewable technologies. Carlisle is a fantastic manufacturing city, and this investment demonstrates that fact."


The North West Fund for Energy and Environmental, managed by CT Investment Partners, is provided jointly by the European Investment Bank and European Regional Development Fund.

 


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