Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has invested in 8power for the Low Carbon Innovation Fund 2 (LCIF2). The investment of £450,000 is part of an overall round of £2million.
8power has developed a range of Remote Condition Monitoring (RCM) solutions for industrial machinery. RCM is the use of sensors and software to monitor the performance of industrial machinery in real-time, particularly where human oversight is not possible (eg in hazardous environments) or is uneconomical (eg at physically remote sites.) 8power has a unique patented technology that is a key differentiator. Originally developed by the University of Cambridge vibration energy harvesting (VEH) is used as a renewable energy source of the sensors.
Kevin Murphy, director at Turquoise, commented: “8power provides a ‘fit and forget’ remote monitoring solution for key industrial machinery, this help the customer identify problems with industrial machinery and plan maintenance and interventions to extend the asset life and prevent catastrophic failure. We are delighted to make this investment as it fits very well in the investment strategy of LCIF2 into technologies helping to reduce greenhouse gases (GHGs)”.
Paul Egan, CEO of 8power added: “We are delighted to welcome LCIF2 as an investor in 8power. This investment will enable us to achieve our goal of growing the business in the UK and Europe as well as strengthen our links to local and national government”.
LCIF2 is funded by European Regional Development Fund, with the UK Ministry of Housing, Communities and Local Government as the Managing Authority.
8power provides remote condition monitoring of industrial machines and is able to provide real time data for customers who are then able to plan maintenance which not only extends the life of the assets but also prevent catastrophic failure events.
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.
LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Ministry of Housing, Communities and Local Government is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk /european-growth-funding.