Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced an investment by Low Carbon Innovation Fund 2 (LCIF2) in Furlong Renewable Energy Developments (Furlong), with co-investment from IM2 Power and several angel investors.
Furlong is a renewable energy project development company founded by an experienced group of professionals. Its aim is to deliver high quality renewable projects and solutions, primarily based on solar technologies that contribute to the transition to a low-carbon economy.
Francis Wright, Managing Director at Turquoise, commented: “There is a pressing need for experienced developers to expand low-cost renewable energy production, energy storage and EV charging stations. We are backing a proven team and have high expectations for the future.”
Ramin Dilmaghanian, CEO of Furlong added: “We are delighted to bring on board such a strong group of investors with direct experience in our sector. The company is committed to attracting the best talent and this investment will help us grow our team and existing portfolio of projects. We look forward to making a meaningful difference to the renewable energy landscape.”
LCIF2 is funded by European Regional Development Fund, with the UK’s Department for Levelling Up, Housing and Communities as the Managing Authority.
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 Department for Levelling Up, Housing and Communities 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.