Vert Technologies secures £1.9m funding to fund expansion
Edinburgh-based compression pioneer Vert Technologies (Vert) has received £1.9 million investment to expand the presence of its Conical Rotary Compressor (CRC) technology in the Refrigeration and Heat Pump sectors.
Vert recently completed a £775,000 investment funding round, through the very supportive existing investors Par Equity, Equity Gap, Aeroden and Scottish Enterprise, and this will be used primarily to accelerate volume production for the refrigeration, heat pump and liquid pump sectors.
Vert has also received £650,000 grant funding from Scottish Enterprise to develop a compressor for the refrigeration market. Alongside this, the company has been awarded £490,000 from the UK Government’s Department of Business, Energy, and Industrial Strategy’s (BEIS) Energy Entrepreneurs Fund.
The 15-month BEIS project will help the company further refine its CRC technology for use in domestic heat pump systems, which are crucial to the Government’s planned UK-wide rollout of the technology to meet ambitious net zero carbon emissions targets.
Dr Phil Harris, CEO at Vert Technologies, commented: “In the wake of the United Nations’ recent, sobering report on the impact of climate change, the need to accelerate the adoption of green technologies is crucial. The Vert Conical Rotary Compressor will play a key role in the world’s climate ambitions and we welcome the support for both the technology and the drive of the team, to accelerate a swift transition in the use of low-global warming potential (GWP) refrigerants in world-wide domestic heat pumps and refrigeration systems.”
Anyd McDonald, head of low carbon transition at Scottish Enterprise, said: “The recent Scottish Government Heat in Buildings Strategy sets out the pathway for cutting emissions from Scotland’s homes and buildings, and this technology from Vert highlights the innovation that is supporting our net zero ambitions around low carbon heat. Scottish Enterprise has supported Vert over a number of years and this recent investment will aid the company’s growth while providing solutions around heat pumps and refrigeration that support legislation and highlight how the supply chain in these sectors can drive decarbonisation.”
Dr Harris added: “Vert has demonstrated that the CRC technology can operate continuously at high pressure ratios, in a compact, lightweight form, with a very low noise and vibration signature, together with good durability.
“These are key concerns for multiple sectors, and thanks to this investment, we can accelerate the evolution of this unique technology for mass markets. We are already working with some large multi-nationals in the refrigeration and gas compression sectors to develop practical solutions for today’s environmental challenges and we have a clear line of sight to mass volume manufacturing approaches. This is an incredibly exciting time for Vert – our transition from a young business to a successful and relevant company has been rapid and with this additional investment we shall be able work with more global companies within our target markets to develop their products of the future.”