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, accountmanager 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."
