Refrigeration and heat pump specialist Vert Technologies has raised £1.9m to back expansion plans.
The Edinburgh-based business aims to boost the presence of its conical rotary compressor (CRC) technology in the refrigeration and heat pump sectors.
Vert recently completed a £775,000 investment funding round, through existing investors Par Equity, Equity Gap, Aeroden and Scottish Enterprise. It has also received £650,000 grant funding from Scottish Enterprise to develop a compressor for the refrigeration market.
The company was also awarded £490,000 from the UK Government’s Department of Business, Energy, and Industrial Strategy’s (BEIS) Energy Entrepreneurs Fund. The 15-month BEIS project will help the company refine its CRC technology for use in domestic heat pump systems.
The money will be used primarily to accelerate volume production for the refrigeration, heat pump and liquid pump sectors.
Dr Phil Harris, chief executive at Vert Technologies, commented: “The Vert conical rotary compressor will play a key role in the world’s climate ambitions and we welcome the support for both the technology and the drive of the team, to accelerate a swift transition in the use of low-global warming potential refrigerants in world-wide domestic heat pumps and refrigeration systems.
“This is an incredibly exciting time for Vert – our transition from a young business to a successful and relevant company has been rapid and with this additional investment we shall be able work with more global companies within our target markets to develop their products of the future.”
Andy McDonald, head of low carbon transition at Scottish Enterprise, said: “The recent Scottish Government Heat in Buildings Strategy sets out the pathway for cutting emissions from Scotland’s homes and buildings, and this technology from Vert highlights the innovation that is supporting our net zero ambitions around low carbon heat.”
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