Warwickshire based manufacturer of energy storage solutions, Off Grid Energy, has secured a £1.25m investment to scale-up its operations, further developing its product offering whilst creating new jobs in the area.
Off Grid Energy secured the finance from The Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The funding has enabled Off Grid Energy, to relocate to their brand-new state of the art 30,000sq ft premises, which features 150Kw Solar PV and is based in Stepnell Park, Rugby. The resources support a step-change in the business to become a full production operation that will create 30 new skilled positions within the business whilst launching new products that will be supported by an extensive PR and marketing campaign. The business will further establish its presence overseas with these new products.
Off Grid is a respected and trusted voice on energy efficiency and clean energy solutions, who continues to work towards a smart, decarbonised, decentralised energy system.
Janene Dooler, Joint Managing Director of Off Grid Energy, commented: “Our recent exciting relocation means that now all our energy needs are met by renewable sources and combined with having a private network on the estate, gives us the ability to develop our technology to the max. Since 2011, we have pioneered and become experts in providing smart, efficient power solutions which save money and significantly reduce carbon footprint in the temporary power sector. Our technology saves costs and has huge sustainability impact displacing the use of diesel generators reducing carbon emissions and tackling air quality issues. In emerging sectors, such as energy storage and EV charging, for those struggling with grid power, or where there is no grid available, we work with you to find the most cost-effective solution, with the least environmental impact, delivered in the shortest possible time. Our focus is to offer zero or net carbon neutral energy solutions. The funding received from MEIF via Chirag at The FSE Group, will enable us to grow and expand as a business, enabling high quality job creation to permit us to develop our products to enable us to achieve this goal.”
Chirag Mistry, Investment Manager, at The FSE Group, which manages the MEIF Debt Finance Fund adds: “I am delighted to be supporting Off Grid Energy through The FSE Group & The Midlands Engine Investment Fund. Off Grid Energy is an exciting organisation supporting the transition to low emissions and is a leader in this specialist sector. They are an experienced team making a real difference with their products and applications, serving a wide range of sectors across the UK. Off Grid Energy offers a glimpse of what the future will look like and how we can embrace technology to improve the environment now, not in 2030. The funding will enable Off Grid to retain, grow and develop its workforce boosting the local economy.”
Grant Peggie, Director, at the British Business Bank also added: “The MEIF is committed to supporting businesses that are contributing to the UK’s low-carbon agenda, alongside meeting wider key fund objectives. This latest investment highlights the strength of the Midlands in developing clean technology solutions and we will continue to help green and sustainable businesses grow and create new skilled jobs in the Midlands.”
Sean Farnell, board director at the Coventry and Warwickshire Local Enterprise Partnership, said: “An important focus of the CWLEP’s Strategic Reset Framework is innovation and green technology and Off Grid Technology is a perfect example of this.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.