Ventilation and heating manufacturer Ventive has secured a new round of funding, as the company works towards delivering its heat pump technology to the UK.
The deal, led by venture capital specialist EMV Capital, is an investment package provided by existing investors.
The manufacturer says its investment builds on a £1.5 million government grant secured in 2022, as well as a recently awarded £100,000 UK Government grant focused on net zero HVAC systems.
The funding will support the completion of the design and test phase and factory build for Ventive’s modular heat pumps, along with further enhancements to its passive ventilation product range, and build-up of its marketing and sales capacity to drive sales of its existing products, the company said.
Rob Morrison, MD of Ventive, said:
The demand for more efficient domestic heating solutions has never been greater. This need has been compounded by the threat of climate change, and the current cost of living crisis, largely caused by soaring energy bills. We are therefore delighted with this first close, which will allow us to accelerate the launch of our heat pump division, and equally importantly, we welcome the continued engagement of an experienced team of active investors who have significant industry expertise.
The manufacturer said Its heat pump product, which is in advanced stages of development, is a comprehensive solution for residential applications, with a unique modular design and a novel thermal store. Momentum is further underpinned by significant regulatory changes, increasing energy prices, and climate change policies, it added, and its passive ventilation with heat recovery systems have been delivered to over 30 schools and five leisure centres, achieving ‘excellent air quality results.’