London power company raises £2m in plans to "de-risk" the switch to renewable fuel

A London power company has announced that it has raised £2m through a funding round as it aims to boost its product development.

Intelligent Power Generation (IPG), is expecting to raise a further £1m to £2.5m before it closes the round, which has been led by a consortium of angel investors.

The new funds will be used to continue product development and deliver units for technical demonstration with a commercial partner.

The company is aiming to create technology that can help accelerate the world’s transition to using purely green energy.

Toby Gill, CEO of IPG, commented: “We are excited to announce this latest investment, as we strive to bring to market a power generation technology that can de-risk the switch to renewable fuels, and help accelerate our green energy transition.

“Our investors recognise the potential of our technology in supporting our mission to reinvent fuel-based power for the renewable future and end our reliance on the diesel generator.

“The financial support announced today, which includes continued support from our early investor, comes at a great time for IPG as we come into the final weeks of our pilot project with Highways England.

“This new funding will continue product development of our Flameless Ceramic Turbine and better position us for undertaking a series of commercial trials.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →