A South Yorkshire renewable energy and heating products specialist is targeting significant growth after securing funding from FW Capital – Debt Finance, part of the Northern Powerhouse Investment Fund. The deal was supported by Castle Square Corporate Finance.
Project Heating Solutions (PHS), based in Doncaster, provides professional installation and services of renewable energy and heating products.
The company's main focus is the installation of air source heat pumps as a high spec energy efficient alterative to the traditional gas and electric boilers. It also installs a variety of other renewable energy alternatives including biomass boilers, ground source heat pumps and solar photovoltaic.
The development capital fundraising provides PHS with the resources to increase marketing spend and continue with its recruitment drive at senior level, as well as growing administration staff to support the company's growth.
The funding was provided by the Northern Powerhouse Investment Fund via fund manager FW Capital.
Russell Steelyard, from PHS, said: "We are delighted to have secured this significant investment which will enable us to capitalise on the current market opportunity. The investment will allow us to accelerate our growth plan offering best in class installations nationally."
Steve Teasdale, investment executive at FW Capital, added: "PHS is an exciting business with an experienced management team. Our loan will help them with the capital they need to grow and expand into the ever-increasing renewable energy and heating products sector. My colleague Anne Blanden and I worked closely with Castle Square Corporate Finance to facilitate this business loan which will help PHS realise its growth ambitions."
Sheffield-based deal making firm Castle Square Corporate Finance, led by director Patrick Lynch and Connor Marshall, advised PHS on the transaction.
Lynch said: "Predominantly coming from corporate backgrounds in the plumbing and heating sector, the Management Team have identified a fast-growing area of the market. It is clear that this management team have the skill and knowledge to successfully deliver a growth business plan aimed at making PHS one of the UK's leading installers of renewable heating products."
The Sheffield-based corporate team at Keebles corporate team based in Sheffield, led by corporate partner Michael Halls, provided legal advice to the company.
Michael Halls, partner at Keebles, added: "We are delighted to have worked with Russell and the team at PHS advising on their recent investment. The new funds will mean the company is able to accelerate its plan for growth and we wish PHS well in achieving its ambition of becoming one of the market leading installers of renewable heating products."