350 Investment Partners (350IP), managers of The North West Fund for Energy and Environmental, has exceeded 2013 portfolio targets, investing in seven new clean tech and green energy companies across the region.
2013’s financial successes have been particularly beneficial to the Liverpool City Region, which received 30 per cent of the fund’s total financing for
The portfolio target for the end of 2014 was to have 14 companies on the books, with 350IP achieving this one year before it was scheduled.
Investment for the last year stands at £6.1m, accounting for more than half of the £11.7m invested since The Fund launched in 2011. With several more deals anticipated in the coming months, The Fund aims to be fully committed by the end of the year.
The North West Fund for Energy & Environmental is part of The North West Fund which is financed jointly by the European Regional Development Fund and the European Investment Bank.
The evergreen fund provides investment to environmentally conscious enterprises, and promotes energy efficient business nationwide. This year saw seven new companies added to its portfolio, including Acoustic Sensing Technologies, MHA Lighting, PVC Recycling, Community Switch, Arvia Technologies, Sign Lights and Stopford Projects.
The new businesses join Acal Energy, Imperative Energy, EcoLogicLiving, PlaceFirst, Ultromex, SenseLogix and CableSense in helping The Fund succeed its original target of 14.
Adam Workman, partner at 350 IP, said: “This year has seen us get involved with some really exciting companies. We’re proud to support the sector and put the region on the map as a centre for green energy excellence
“We’re looking forward to further extending our investments this year and engaging with more socially aware enterprises that continue to enhance the UK economy and wider environment. We could be fully committed by the end of this year which is an extremely exciting prospect.”