The company is set to use the funding to support the delivery of new contracts, including purchasing and installing a sustainable energy system for a Birmingham-based blue-chip customer.
HHSE forms part of a group of companies that have been set up by London-headquartered BasePower which uses combined Heat and Power (“CHP”) technology to capture the heat formed during power generation. It is then put to productive use during the manufacturing process, resulting in reduced energy costs and carbon emissions for businesses.
HHSE will also use the funding to complete its purchase of a CHP engine for a leading Tier 1 supplier to the global automotive industry. The blue-chip customer manufactures bumpers, fenders, body panels and body modules for JLR, Nissan and other automotive manufacturers throughout the UK.
The business is led by a strong management team which has previously developed more than 30 energy generating schemes for a range of clients in the public and private sectors.
Dan Poulson, Founding Director at HHSE, said: “It is great to receive the backing and support of MEIF and Maven. The funding will enable us to provide our key clients with substantial savings on energy that would otherwise have been supplied from the electrical and gas grids, and helps support the UK’s transition to a low-carbon economy.”
Demetri Theofanou, Investment Manager for Maven, said: “HHSE is a growing Midlands-based business that is deploying tested technology to key blue-chip customers within the region. The business has an established management team which has successfully implemented numerous projects already and we are delighted to support the business, enabling it to meet clients’ needs. We look forward to seeing the business grow over the coming years.”
Ryan Cartwright, Senior Manager at the British Business Bank, said: “The MEIF is continuing to support the development and roll out of new technologies, with this latest investment in HHSE enabling the integration of sustainable energy systems. We would encourage other businesses looking for finance options to innovate and grow to consider the funds available through the fund.”
Matthew Rhodes, Board Director for stimulating innovation at Greater Birmingham & Solihull Local Enterprise Partnership, said: “We’ve been working with industry partners through West Midlands Energy Capital for several years to create an environment for commercial innovation in low carbon technologies locally, and Covid-19 has concentrated our minds on the opportunities created by embedding low carbon into all areas of the economy. At the beginning of the year we launched our Low Carbon Sector Action Plan which we are working to deliver on in consultation and collaboration with industry stakeholders via our Low Carbon Sector Steering Group.
“Recently we appointed a dedicated low carbon account manager at our GBSLEP Growth Hub, and we hope to announce a pilot grant programme for the sector imminently. We will continue to work in partnership with our public, private and academic partners to create green, inclusive and sustainable economic growth in the GBSLEP region.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.