New white goods appliance attracts £400,000
The Merseyside Investment Fund backs 2D Heat's new household heating element
2D Heat has raised over £400,000 of funding to commercialise a revolutionary heating element that can be used to power household goods such as kettles and fridges.
The gadget, which uses a hot-spraying method, replaces the traditional coil wire elements found in white goods.
The Merseyside-based company, which was founded in 2004, says it is up to 50% more energy efficient than other devices.
The company recently won Shell’s prestigious Springboard Award for the UK Central Region and was runner up in the national final, beating off competition from 130 other entrants from around the UK.
Further success is now on the cards as the company, which has just four staff, has found backing from the Merseyside Special Investment Fund (MSIF). The MSIF has added £150,000 to the pot with the rest of the money coming from several private investors.
Managing director, John Lewis said: “There are already several blue chip companies interested in using the technology and the investment will help fund the cost of bringing the product to market.
“It will also be used to install a pilot line which will enable us to develop the technology for potential customers and modify specific element designs to fit their requirements.
“It is quite difficult to get funding for early stage technology-based businesses but MSIF has been very supportive and the advice from Liverpool Ventures has been invaluable.”
Louise Jackson of the law firm Laytons acted for the company, while Acceleris plc provided corporate finance advice.
© Crimson Business Ltd. 2008