Hex Energy has received a £250,000 funding package from MEIF Maven Debt Finance, part of the Midlands Engine Investment Fund backed by the British Business Bank following an introduction from the team at the Coventry & Warwickshire Growth Hub.
The funding will fuel business growth journey, contribute to key operational costs, create new roles, and finance the business’s strategic relocation.
Based in Nuneaton, Hex Energy designs and installs heat pumps for commercial and residential energy systems. The business was founded in 2015 by CEO Andy Howley, one of only three certified Geo-Exchange designers in the UK. Over the last five years, Hex Energy has installed and supported 75 Residential Energy systems and 20 Commercial systems.
Hex Energy has been experiencing a period of growth and the 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 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.
Hex Energy 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. Its commitment to ESG is well aligned to the goals of the Midlands Engine Investment Fund, which was set up to support smaller, high growth businesses across the region to encourage business, boost the local economy and contribute towards national social and environmental issues.
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 with us contributing to operational costs, increase in headcount, helping to finance the business’ strategic relocation and assisting them with working capital in this period of significant growth. We look forward to being a part of their journey in continuing to install quality heat pumps for commercial and residential energy use.’’
The Midlands Engine Investment Fund is supported financially by the European Union using funding from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2022 and the European Investment Bank.
