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ECO Heat Pumps plan expansion following investment: South Yorkshire Investment Fund invest £45,000 loan

Published: 12th July 2005

A company that can help commercial and domestic energy users save thousands of pounds a year in reduced energy charges is planning further expansion following a £45,000 investment by South Yorkshire Investment Fund.

ECO Heat Pumps Ltd, which was set up two years ago by Managing Director Phil Moore, designs, supplies and installs a range of efficient, reliable heating solutions to private individuals and companies.

Its products which comprise of heat pumps and a range of other energy efficient solar and geothermal energy solutions can offer huge savings to commercial and domestic users.

"Typically for companies or domestic users who are using natural gas we can general deliver 50 per cent saving on fuel costs," said Mr Moore. "For those using oil or liquid petroleum gas the savings can be as high as 80%."

He said the loan from SYIF will be used by ECO, which employs five staff at its offices on Sheffield Technology Park, Attercliffe, to invest in further sales staff and marketing of the business.

"At the present time we are getting a lot of interest from rural companies as well as individuals seeking to cut their energy costs or because they want to adopt a more environmentally friendly energy source such as geothermal pumps," said Mr Moore. "We've done 250 installations in the past 12 months and the market is growing."

Commenting on the deal, Investment Manager Andrew Chaffer said: "Given the renewed interest in environmentally-friendly energy and growing concerns about global warning ECO Heat Pumps have already carved out a niche in its market - a market that looks set to grow. This was a compelling investment opportunity for the fund."

Editor's Notes

About South Yorkshire Investment Fund

South Yorkshire Investment Fund  provided seedcorn, loan and equity linked investments, ranging from £15k to £2.5m, specifically to help small and medium businesses meet the gaps in funding they need for growth and development.

Created as part of the Objective 1 programme, the Fund is a private and public sector business finance provider. The European Regional Development Fund and Yorkshire Forward are investors in the Fund.

South Yorkshire Investment Fund also provided access to Business Angel investments from the Yorkshire Association of Business Angels and Microloans through BiG Business Loan Fund and Donbac Microloan Fund.

Finance Yorkshire has now taken on responsibility for providing gap finance in Yorkshire and the Humber.

For further details please contact Suzanne Tinkler,  on 0845 649 0000.

South Yorkshire Investment Fund Ltd is a company limited by guarantee (Registered No 3936065). South Yorkshire Investment Fund comprises three sub funds, the South Yorkshire Investment Capital Fund, the South Yorkshire Investment Development Fund, which are each managed by YFM Venture Finance Limited, and the South Yorkshire Investment Small Business Fund, which is managed by Finance South Yorkshire Ltd. YFM Venture Finance Limited (Tel 0113 294 5000) and Finance South Yorkshire Ltd (Tel 01709 386 377) are each authorised and regulated by the Financial Services Authority. South Yorkshire Investment Fund also provides a number of services, which are not regulated by The Financial Services Authority. These include the pilot Seedcorn Fund, BiG Business Loan Fund, Mentorbank and access to the Donbac Microloan Fund. BiG Business Loan Fund is managed by Donbac Ltd (company registration No. 01925556) and Key Fund Yorkshire Ltd (Tel 0114 242 8900).