Alternative Energy Company gains £250,000
The renewable energy equipment company has gains backing
The Alternative Energy Company (AEC), which supplies and installs renewable energy equipment, has gained £250,000.
The company has gained £200,000 backing from YFM-managed Yorkshire and Humber Equity Fund as well as a £50,000 investment from a business angel Chris Redfearn.
AEC, based in Ripon, Yorkshire, supplies and installs devices such as wind turbines and energy inverters which convert electricity stored in low power batteries to mains voltage.
The company provides standalone devices and equipment which when connected to the national grid enables owners to sell their surplus electricity.
Most of its equipment is manufactured in China but the company focuses on providing a full-service which includes handling tricky issues such as planning permission.
Managing director David Elsy says that the company will be ‘able to develop in a much more dynamic way’ following the funding.
David Livesley, investment manager at YFM Group, added: “TAEC is addressing a growth market for professional supply and installation of renewable electrical generation equipment.
“We were impressed by the commitment and professionalism of the management team intent on supplying and installing equipment offering meaningful service lifetimes and properly calculated pay back profiles.”
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