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E-Synergy backs refrigeration specialist with first investment by sustainable technology ECF


25 January 2007 -- E-Synergy has marked the formal launch of its £30m Sustainable Technology Fund by announcing its first investment in a British company that is a world leader in the design and provision of green refrigeration systems.

The Sustainable Technology Fund has invested £325,000 in Earthcare Products Limited, a profitable and fast-growing company that is developing and commercialising new natural refrigerants that can enhance energy efficiency and exceed tightening global regulations on emissions.

Andrew Stevenson, chief executive of E-Synergy, said: “Sustainable cooling technology issues affect a large part of industry, from food production to supermarkets and through many stages of the supply chain. As the pressures on environmental resources increase there will be many good opportunities for Earthcare’s innovative technologies.”

Nicholas Cox, managing director of Earthcare Products, said he was delighted the Sustainable Technology Fund, invested in the company at an important in its development.

“Earthcare has had four successive year of profitable growth but the reason this is the right time to invest is that we now have patentable IP, developed through our work with the Odessa Academy of Refrigeration, which will open up a number of unique opportunities.

“The funding will enable us to complete our work on high efficiency refrigeration to achieve significant reductions in direct greenhouse gas emissions and energy consumption and then to see our leading technology taken up by refrigeration and air conditioning manufacturers in countries such as China.”

News of the first funding was released as E-Synergy hosted an event at Tower Bridge to launch the Sustainable Technology Fund to an audience of private and corporate investors, venture capitalists, entrepreneurs and intermediaries. Speakers at the event included Jon Moulton, founder of Alchemy Partners and a major E-Synergy investor, and David Quysner, chairman of the Capital for Enterprise Board.

The Sustainable Technology Fund is one of the new funds set up under the Government’s flagship Enterprise Capital Fund (ECF) initiative that seeks to promote innovation, jobs and growth in the UK.

ECFs use private investor backing and expertise leveraged with public funds to help companies bridge the ‘equity gap’ – the problem businesses have raising funding of between £250,000 and £2m which are sums typically too small for venture capitalists but too large for friends, family or personal contacts.

E-Synergy was chosen by the Department of Trade and Industry to manage the ECF because of its strong private investor base and contacts in the wider investment community, its close links with the UK research community and its proven track record in backing and providing business and management support to growing technology companies.

The Sustainable Technology Fund is the only ECF to focus on providing investment and expertise to UK companies developing new, clean and efficient industrial processes. It is targeting between 15 and 20 investments in companies that can provide evidence of early sales, accelerated growth prospects and a credible management team and business plan.

“The UK has an excellent record for coming up with innovative solutions to global problems and environmental concerns are fast moving higher up the political and economic agenda,” said Andrew Stevenson. “The use of energy efficient materials, clean energy generation, pollution monitoring and raw materials conservation are all areas with excellent long-term growth prospects and these companies provide good investment potential for the Sustainable Technology Fund.”

E-Synergy has provided £10m of the total £30m funding through its own private investor group and investment and venture capital industry contacts. The Fund will complement E-Synergy’s existing pipeline of activity that includes running its own private investor-backed Early Growth Fund, management of the East Mi


Publisher Contact Information:

E-Synergy Ltd
+44 (0)20 7583 3503
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