Extreme Low Energy trebles revenues after investment
Following a £750,000 investment from NPIF - Maven Equity Finance, Skelmersdale-based Extreme Low Energy has increased revenues by 220 per cent.
The firm manufactures a carbon-saving alternatives to traditional power supplies that require bulky, inefficient transformers. Its patented DC power infrastructure works on various ultra-low power devices, with the micro-grid systems typically running on 50 – 70 per cent less energy than existing AC alternatives.
ELe's products can be found in the UK and African education sectors, as well as UK offices, warehouses and social housing markets.
The firm received the six-figure funding in 2018 which was used to expanded its workforce, technology and product development capabilities.
This allowed the company to move quickly when the Covid-19 pandemic caused an increase in demand from the leisure industry for energy efficient power solutions for remote locations, such as glamping pods and shepherd huts.
Since the new product line was launched in September, the company has already taken orders for over 20 kits from Leisure POD manufacturers and customers deploying remote facilities, delivering over 300 per cent uplift in sales compared with the same period in 2019.
Additionally, the firm pressed on with recruitment plans during the pandemic and has welcomed two new full-time members of staff, taking their total headcount to nine, with plans in place to grow that by a further five people in the next 12 months.
ELe is now looking to expand into new sectors and is currently working on a response to the government’s Public Sector Decarbonisation Scheme to help make schools more energy efficient.
The housing market is another key area of growth for the firm with government and council Net-Zero targets driving developers and housing associations to implement gas-free energy efficient heating and hot water solutions, which is anticipated to develop even further over the next 12 months.
Mark Buchanan, founder and CEO of Extreme Low Energy Ltd, said: "I am extremely proud of what we have managed to achieve in recent months, especially considering the wider market conditions, with exponential growth in terms of product development and our team.
"The support from NPIF and Maven has been fantastic. Investment has enabled us to bring our new product to market three to six months sooner than planned, allowing us to serve a demand which continues to grow. I am excited to see what the future holds for ELe and as a team we look forward to working with both Maven and the British Business Bank on achieving even greater success."
NPIF - Maven Equity Finance is managed by Maven Capital Partners and is part of the Northern Powerhouse Investment Fund.
Ryan Bevington, fund manager at Maven Capital Partners, said: "Extreme Low Energy Ltd is a brilliant company. They are innovating at a time that is needed most and pioneering solutions to the country’s most pressing environmental issues. The growth to date has been impressive and the future looks equally as bright, so we are happy to be a part of that and will continue to provide support wherever possible."
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