Maven invests £250,000 in Warwickshire-based Hex Energy

Hex Energy Limited (“Hex Energy”) has received a £250,000 funding package from MEIF Maven Debt Finance (“The Fund”), which is part of the Midlands Engine Investment Fund (“MEIF”), backed by the British Business Bank (“BBB”) following an introduction from the team at the Coventry & Warwickshire Growth Hub.

The funding will drive forward the business in its ambitious growth journey, contribute to key operational costs, create new roles, and finance the business’s strategic relocation.

Based in Nuneaton, Warwickshire, Hex Energy designs and installs heat pumps for commercial and residential energy systems. The business was founded in 2015 by CEO Andy Howley, one of only three certified Geo-Exchange designers in the UK. Over the last five years, Hex Energy has installed and supported 75 Residential Energy systems and 20 Commercial systems.

Hex Energy has been experiencing a period of growth and the funding to fulfil its current demand and increase its capacity. The business has also committed to moving from its current Nuneaton site to a new facility, also based in Nuneaton.

Hex Energy has a focus on renewable energy, mainly through its ground source heat pumps, which absorb heat from the ground and circulate heat around properties through water, without using any fossil fuel.

Its commitment to ESG is well aligned to the goals of the Midlands Engine Investment Fund, which was set up to support smaller, high growth businesses across the region to encourage business, boost the local economy and contribute towards national social and environmental issues.

Martin Hadfield, investment manager for Maven, said: “This is a terrific opportunity for Maven and the MEIF to support the team at Hex Energy at this exciting time with us contributing to operational costs, increase in headcount, helping to finance the business’ strategic relocation and assisting them with working capital in this period of significant growth.’’

Mark Wilcockson, senior investment manager at the British Business Bank, added: “The MEIF backs SMEs with growth potential in the region, with a particular focus on innovative, sustainable solutions such as Hex Energy’s ground source heat pumps. This investment is a good example of the Fund’s efforts to support businesses that contribute to the sustainable energy sector and are looking to grow in the region.”

Laura Delahunty, account manager at Coventry and Warwickshire Growth Hub, added: “We have worked with the team at Hex Energy for some time now, understanding their barriers to growth and exploring avenues to help them take the next steps forward in growing their business. Introducing them to Maven has allowed them to look forward and continue with their growth ambitions.

“It’s an exciting time for Hex Energy and we look forward to continuing to support them in their journey.”

The Midlands Engine Investment Fund is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2022 and the European Investment Bank.

By Mark Adair – Correspondent, Bdaily

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