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Silvapower fuels council success

Published: 9th January 2007

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Kevin Steven (top) of South Yorkshire Investment Fund and Silvapower’s Richard Wagstaff.

Sheffield City Council is ahead of the fuel game, thanks to an environmentally friendly South Yorkshire company.

The council has installed a new heating system for 296 flats in Callowmount, Gleadless, with a second similar sized installation to be commissioned in Burngreave, all of which will be powered by biomass fuels supplied by Silvapower Ltd.

Silvapower Ltd, based in Rossington, specialises in the production and supply of biomass fuel to boilers in the South Yorkshire region and is the main supplier in the area. The company have recently received a loan of £25,000 from the South Yorkshire Investment Fund (SYIF).

Biomass fuels are fuels made from vegetation and the company supplies woodchip and wood pellets for biomass boilers and room heaters.

Silvapower provides a range of services from sourcing feedstock, contract chipping, storing and drying fuel and selling fuel by the kilowatt hour to providing training and consultancy on biomass fuel production and infrastructure.

The company is using the SYIF loan to help purchase stock for the contracts they have already secured for next year.

Richard Wagstaff, Managing Director of Silvapower, said: "It is great news that Sheffield City Council is using environmentally friendly fuel. Our loan from SYIF has been absolutely vital to our company and has allowed us to buy stock to supply the contracts we already have in place for next winter and the following year."

"Quite simply without the loan from SYIF there would have been a lot of cold people in Burngreave as without our supply of feedstock to produce the required volumes of wood chip we would not have been able to provide our customers with biomass fuel to heat their boilers."

"Biomass fuel provided by Silvapower is a viable solution for housing developers, hotels, councils and other large organisations who are looking to reduce their CO2 emissions and use more environmentally friendly fuels."

Richard added: "Generally organisations are quite sceptical about using biomass fuels and so it is essential for Silvapower to maintain our reputation as South Yorkshire’s main supplier and to continue to provide a reliable biomass fuel supply - the loan from SYIF has helped us to achieve this."

SYIF Business Development Manager, Kevin Steven, said: "Silvapower are a company with a very high quality, environmentally friendly product and the management have a clear vision for future development."

"We are pleased that the SYIF loan will go towards enabling the company to secure more high profiled contracts."

Silvapower is also working in partnership with the South Yorkshire Forest Partnership, who help to provide funding for organisations who want to reduce their CO2 emissions by investing in a biomass fuelled boiler.

South Yorkshire Investment Fund can provide 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.

For more information on how SYIF can help businesses, please go to www.syif.com or call 01709 386 377.

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.
http://www.finance-yorkshire.com

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).