A Warwickshire-based designer and installer of heat pumps for commercial and residential energy systems has secured a funding package to support its growth plans.

Hex Energy has received a £250,000 funding package from MEIF Maven Debt Finance, 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 contribute to key operational costs, create new roles, and finance the business' strategic relocation.

Based in Nuneaton, Hex Energy was founded in 2015 by chief executive Andy Howley, one of only three certified Geo-Exchange designers in the UK.

Hex Energy has been experiencing a period of growth and the funding will help 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. It has recently won two new commercial systems projects via SALIX Financing (Funding public sector de-carbonisation schemes) with Cheltenham & Gloucester Council and Calderdale Council.

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 (FD), 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."

Laura Delahunty, account manager at Coventry and Warwickshire Growth Hub, said: "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."

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Without the Growth Hubs help and assistance, we would never have been able to increase our sales & output and also grow our local business. With this help in purchasing new equipment we have expanded our operations and gained a new and increased customer base.

Nuneaton Roof Truss,

Over the past few years, Armstrongs has built up a fantastic relationship with Gary Thyeson from the Growth Hub. His advice on grants and funding has been really valuable to both Armstrongs and some of our clients. His knowledge of local business support has been helpful in signposting us to relevant support agencies as required. We look forward to working with Laura Delahunty moving forwards.

Armstrongs Accountancy LTD,

In the short time since first engaging with the Warwickshire Growth Hub we feel that Laura has understood our vision and has been so very supportive in linking us to the specialist teams who are now supporting us with training, finance and recruitment. A great service that every growing organisation should connect with

MES Systems Limited,

I have had an excellent experience working with Laura from the Growth Hub, from day one, she was taking detailed attention to my concerns and ideas. She was able to put me in contact with different organisations and people to find out answers to my questions and help me to solve some inquiries I was having. I feel this support definitely had a positive impact in my plans.

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TalentTech Recruitment LTD,

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King of Saffron LTD,

This grant [which we received with the help of the Growth Hub and Coventry City Council] will really help us get on track for business growth and succeed with our vision. Personally, I would also like to thank the team for supporting me through the grant application process. You have been very approachable and attentive throughout.

Exeter Analytical (UK) Limited,

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Burbidge & Son Ltd,

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Marchantcain Design Limited,

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Comrie Leisure Limited,