New investment to help heat pump specialist grow

The company has been experiencing a period of concerted growth and will use the new 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 the market town. It has recently won two new commercial systems projects via SALIX Financing to help decarbonise the public estate with Cheltenham & Gloucester Council and Calderdale Council.  

The company 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. 

 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 and in a significant period of growth. It is clear we are supporting a superb management team from the very first time we met with Andy, Matt and their part time financial director, whose professional and expert understanding of this sector has the power to take the business to the next level. We look forward to working with Hex as it enters this next stage of growth, supporting its ambitions to grow the team and relocate to its new Nuneaton based facility.’’ 

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.”