Posted on 22nd October 2019Category: Case Studies
Cool Energy Holding Ltd, founded in 2017, manufacture and supply renewable energy heat pumps for the domestic, commercial and industrial markets. Business partners Chris Gray and John Fenty recognised the manufacturing opportunities for state-of-the-art heat pumps that can be easily and efficiently installed, and combined their resources to found the business in 2017.
Business needs at initial contact
The company was looking to innovate their manufacturing process to take advantage of the rapidly developing emerging technology of state-of-the-art air sourced heat pumps, and in order to do this the company needed to acquire, renovate and expand into a new commercial property.
What the Growth Hub agreed to do with the business
Growth Hub Advisor Tim Maddinson met with company Managing Director Chris Gray and Chairman John Fenty in Summer 2018 to carry out a business needs analysis which helped to identify the company’s needs in more detail. It became clear that the business needed to access sources of finance and grant funding to implement this innovative new manufacturing process and renovate commercial premises to play host to the manufacturing process. Tim therefore agreed to work with the business to develop a business plan that communicated the innovation activity and the rationale behind the purchase and investment in the property.
The support that took place
• Tim supported the company to create a business plan and financial forecasts, this then allowed the company to submit a full application to the Humber LEP ‘Growing the Humber’ capital grant scheme, which Tim provided intensive support with compiling together with all supported documentation.
• Tim also referred the company to Lincoln University for an innovation grant and South Holland District Council for a growth grant.
Outcomes that were achieved
• The company was awarded a £38,500 capital grant from the Humber LEP Growing the Humber grant scheme in September 2018, which unlocked £168,000 of private match funding from the company’s owners and resulted in two full time jobs being created – a Trainee Warehouseman and an Office Manager. This also led to the renovation of a previously derelict 3-story commercial property to house the company’s new manufacturing arm, which now plays host to warehousing, a showroom, a training facility and office space.
• The company was also awarded a £10,000 innovation grant from the University of Lincoln and a £5,400 grant from the South Holland District Council’s ‘Grants4Growth’.
• Recruitment of additional time-served engineers is now underway to help support company growth.
How the company valued the Growth Hub service
Company Chairman John Fenty said:
“Moving into this property has enabled us to advance our plans much more quickly. The business is growing and we’re increasing capacity. Sales are already double what we projected.”
“We’d like to give our utmost thanks to Tim Maddinson and the Growth Hub. The funding has helped the business to progress as planned, and their input has been invaluable. They are more than able to steer you in the right direction, and it is surprising how much support there is out there for businesses in our region.