Biomass heat and power company Imperative Energy, has received an investment from North West Fund (NWF4EE), which will now take a minority stake in the company to continue to help with future development.
Imperative Energy has plans to deploy more than £200 million (€239 million) into building biomass heat and CHP plants and has also recently received funds from the Environmental Infrastructure Development Company to help it do so as well.
With the most recent investment, the company now wants to employ a further 30 staff members to help it to carry out its plans.
Adam Workman, partner at CT Investment Partners and fund manager of NWF4EE, says: ‘Despite the difficult economic conditions and delays to the implementation of the Renewable Heat Initiative, Imperative has grown into a top quality provider of bioenergy solutions and one that can really capitalise on the growing market for alternative energy solutions.’
Joe O’Carroll, MD at Imperative Energy, says: ’With rising fuel costs and demand for clean technology, Imperative Energy is perfectly placed to take advantage of the opportunities that a growing alternative energy market presents, and we are delighted to be doing this out of the North West.’
Ed Simpson, investment director, from CT Investment Partners and Peter Bachmann, partner, from EIDC, have been appointed to the board of the company with immediate effect.