Vertical Wind Energy (VWE) is to invest £1.23 million which will also see the firm doubling its workforce
The capital injection will enable VWE to fulfill a growing pipeline of sales and accelerate the development of a range of wind turbines suitable for residential and commercial use. It has secured the finance from Northstar Equity Investors, Clarendon Fund Managers and private investors.
The Co Antrim-based company currently employs 10 staff, however, it has recently recruited a further six people and has plans to bring an additional four on board next year.
CEO of VWE, Tony Gordon, said: “We are delighted that Clarendon Fund Managers have followed their initial investment and now with the inclusion of North Star Equity Investors’ Capital, VWE is well positioned to grow its business in the UK and Ireland.’’
VWE designs, manufactures and sells vertical axis wind turbines using its proprietary modular construction and installation techniques.
Its first product, a 3kw turbine, is aimed at the domestic and small commercial market.
A 6kw turbine will be launched to the market in spring next year.
The company, which is headquartered in Ballyclare, is hoping to take advantage of any growth in the market for micro-generation following the recent Energy Act of 2008 and its subsequent consultation in July this year.
VWE has a number of turbines already in place across the UK, including Leicester, Belfast, Cork, Limerick and East Kilbride, with further turbine orders including one for the Environment Agency offices in the UK
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