Member Article

Renewable energy firm moves into North West

An Irish energy company has moved to the North West following an injection from two investment funds.

Imperative Energy, a provider of biomass heat and power solutions, has received funding from The North West Fund for Energy and Environmental (NWF4EE) and the Environmental Infrastructure Development Company, and will now move its operations from Co Kildare to Chesire.

The company is planning to provide over £200m in building biomass heat and CHP plants throughout the region over the next few years, following the Renewable Heat Incentive and the Renewable Obligation Act.

30 new staff will be recruited in the coming years as NWF4EE takes a minority stake in the firm in order to support ongoing growth and development.

EIDC experts in the sector will also play a key role in supporting the team in the delivery and financing of projects.

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.

“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.”

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 and European Regional Development Fund.

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.

“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.”

This was posted in Bdaily's Members' News section by Tom Keighley .