3rd April 2018
Renewable ON Limited has been awarded £150,000 of investment to help the company continue its rapid level of growth, making it one of the first businesses to be funded by the new Investment Fund set up to support growing businesses across the Midlands.
Located in Milton Keynes, the company designs, supplies and installs advanced solar powered LED lighting solutions for public and private sector organisations. With fast, disruption free installation – typically at around half the cost of the equivalent mains lighting – Renewable ON’s solutions deliver light where it may not otherwise have been practical or economical to install mains power.
This innovative approach to renewable energy solutions was made possible by William Morgan, Founder and Managing Director at Renewable ON, who works with leading global manufacturers to optimise the technology for the highest-level of reliability and efficiency.
After investing his own personal finances to support the business’ inception, this funding supplied by the Midlands Engine Investment Fund and delivered through its East & South East Midlands Small Business Loans Fund Manager – Enterprise Loans East Midlands – will prove vital in supporting the business’ ambitious growth plans.
The finance will be used to increase cash flow, enabling greater flexibility and reduced lead time, and increase the business’ marketing presence – key elements in its ability to improve service delivery and grow the number of private and public-sector clients. Whilst an immediate impact has been felt through the creation of two new job opportunities – Project Manager and Sales Manager – the business has set a target to recruit ten more staff over the next 18 months, using the additional capital as a strong foundation to help cover the additional recruitment costs.
William Morgan, Founder and Managing Director at Renewable ON Limited, said:
“Working with Enterprise Loans East Midlands, the application process has been smooth. We met with our adviser, Victoria Copestake, who took the time to understand our business and financial requirements, as well as assisting with the application process and Loan Funding Panel meeting, which proved to be supportive.
“Since establishing Renewable ON in 2009, it has been our drive to make renewable energy solutions commercially viable – but also to ensure that they work hard in the most demanding environments. We are all being asked to do more with less, with tighter budgets and scarcer resources. This additional funding will enable us to more fully leverage progressive new technologies whilst providing competitive and high-performance solutions to our key markets.”
Grant Peggie, Director, at the British Business Bank, commented:
“The British Business Bank’s aims include increasing the availability of finance for small growing businesses and addressing regional funding gaps. This investment in Renewable ON Limited demonstrates our commitment to supporting small growing businesses across the SEMLEP area, with new jobs already being created and more in the pipeline.”
Neil Millington, Loan Fund Manager at Enterprise Loans East Midlands, said:
“William has a clear vision of where he wants to take the business and was clearly very passionate about it. The Loan Funding Panel is really excited about the potential applications for the solar powered street lighting as it provides affordable and sustained lighting solutions to areas where mains powered lighting isn’t possible.”
Hilary Chipping, Acting Chief Executive at the South East Midlands Local Enterprise Partnership, added:
“I’m delighted to see businesses in the South East Midlands benefitting from loans available through the MEIF. Our area is home to the most innovative businesses in the country, and our priority is to ensure that businesses with the potential to innovate, grow and create jobs can access the finance they need.”
The MEIF will invest in debt finance and small business loans, ranging from £25,000 to £1.5m, through appointed Fund Managers – Enterprise Loans East Midlands, BCRS Business Loans and Maven Capital Partners. For more information on the funding available, please visit www.meif.co.uk.
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.
Image: From left to right: James Stancombe (SEMLEP), Lewis Stringer (British Business Bank), William Morgan (Renewable ON) and Victoria Copestake (First Enterprise)
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