Carlisle green power firm set to double its turnover
Last updated at 15:32, Friday, 21 September 2012
An expanding company is on course to double its turnover to £3.6 million after securing significant investment.
EcoLogicLiving supplies and installs renewable energy heating systems, including those controlled by solar power and biomass.
The Carlisle-based company has been growing steadily since its launch in 2008 and now employs 18 people.
Its latest recession-defying figures follow a £500,000 venture capital investment in the spring, fuelling a financial forecast of double the £1.8m turnover in the year to March 2012. The cash came from The North West Fund for Energy and Environmental.
In a further development, EcoLogicLiving, whose headquarters are at Harraby Green, has recruited Chris Simpson, a former chairman of renewables firm Proven Energy, as its non-executive chairman.
Executives hope his appointment will provide valuable advice as the business continues to grow.
As well as its addition in the boardroom, the company has created six new roles – a head of operations, two sales managers, a financial controller, designer estimator and personal assistant.
Success on schemes in Carlisle are among those which have created the financial success.
Director Judy Pearson said: “Among the work that has bolstered sales was our landmark project with Carlisle City Council, installing solar panels on the Sands Centre and Civic Centre.”
The company hopes to build on its relationship with the council to secure more work in future.
EcoLogicLiving’s projected turnover emerged as the firm continues to market new products, including a log boiler which it is targeting at the Cumbrian farms market.
Its bosses have recently been to Minnesota in America to see the product being made.
The financial boost comes amid continuing growth for the renewables market in Cumbria as people look to save on energy costs for their homes and businesses.
The environmental capital fund which has added to the Carlisle company’s coffers is backed by the European Investment Bank and European Regional Development Fund and managed by CT Investment Partners.
Adam Workman, of that organisation, said: “The impact of the funding has been outstanding.The firm is showcasing clear signs of increased productivity on the back of a rise in demand for its products and services.
“It has also taken a new product into its portfolio by developing a biomass range aimed at businesses, which will have a positive impact by reducing heating bills for companies at a time of increasing energy prices.”
Carlisle MP John Stevenson has hailed the results as “great news”. He said: “This investment shows that firms in Carlisle are capable of competing with companies not just elsewhere in the north west, but globally.”
“Carlisle is a fantastic manufacturing city. This investment demonstrates that fact.”
First published at 13:49, Friday, 21 September 2012
Published by http://www.cumberlandnews.co.uk