Clean tech G-volution begins with Finance Wales’
investment
5th November 2010
A Newport-based early stage company which
has developed a clean technology, multi-fuel system has secured a
£400,000 equity investment from Finance Wales, private investors
and company founders.
G-volution’s patented Optimiser
system, which reduces fuel costs and carbon emissions, is estimated
to save commercial vehicle operators between 10 to 15 per cent in
fuel costs and reduce carbon emissions by around 8 per
cent.
The company aims to capture 10 per cent of the
heavy goods vehicle (HGV) market by 2015.
The Optimiser manages the
co-combustion of two or more fuels to increase engine efficiency
whilst significantly reducing fuel costs and carbon
emissions. It can be fitted to new or existing vehicles.
“The Optimiser works with a vehicle’s
existing engine control system allowing it to co-combust two fuels
such as diesel and LPG at the same time,” explained G-volution’s
Managing Director, Chris Smith. “TheOptimiser also
monitors a vehicle’s power usage and works out the most efficient
fuel mix.”
Developed in collaboration with a team of
former Lucas Electronics engineers and Cranfield University, the
Optimiser is already proving popular with major commercial
vehicle fleets.
This investment round is made up of £150,000
from Finance Wales, £150,000 from private investors and £100,000
from the company’s founders.
“G-volution will use this latest investment to
expand and develop the Optimiser’s underlying technology
to target a wider range of applications in the commercial vehicle
sector as well as investigating opportunities in new sectors,
including rail and maritime. We’re also keen to benefit from
our investors’ experience,” Smith added.
According to John Mihell, Investment Executive
at Finance Wales, this first institutional investment round
demonstrates the potential of both the company and its
technology.
“G-volution’s technology is already attracting
a great deal of interest from commercial vehicle operators eager to
save on fuel costs and reduce carbon emissions and this investment
round will enable G-volution to continue to develop its technology
and achieve even greater carbon savings.
“In future, the company will be able to look
at other ‘greener’ fuel mixes in line with the UK Government’s new
Carbon Reduction Commitment or CRC Energy Efficiency Scheme.”
“Fuel costs typically represent around a third
of hauliers’ costs, so a 10 per cent saving using G-volution’s
technology represents a significant saving, not to mention the
environmental benefits as well,” said Smith.
G-volution was established in 2006 under the
Carbon Trust Incubator programme.
Advisors on the deal were: Conduit Partners
(IP and commercial), Diligencia (Management), Verve (Financial),
Hugh James (legal to Finance Wales) and Carbon Limiting
Technologies (Carbon Trust).
For more information, please contact:
Helen Walker-Smith
Tel: 029 2033 8149
E-mail: helen.walker-smith@financewales,co.uk