Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced an investment by Low Carbon Innovation Fund 2 (LCIF2) in Adaptavate Limited. This forms part of a capital raising round of over £1.3 million in which other investors included Counteract, One Planet Capital and Perivoli Innovations. The company has also secured a grant of over £800,000 from Innovate UK under its Transforming Foundation Industries programme.
Adaptavate is developing Breathaboard, a low carbon, bio-based plasterboard whose sustainability credentials are superior to standard gypsum-based wallboards. The company also supplies Breathaplasta, a lime-based plaster that regulates moisture and improves insulation to deliver a healthier and more energy efficient environment.
Ian Thomas, managing director at Turquoise, commented: “LCIF2 is pleased to have led the investment round in Adaptavate, particularly as this is our first investment as part of the Innovate UK Transforming Foundation Industries Investor Partnership Programme. The construction industry is in urgent need of sustainable, low-carbon solutions and Adaptavate’s process technology has the potential to make a very positive impact in this area.”
Tom Robinson, founder of Adaptavate, added: “This funding round is transformational for the Adaptavate team and technology. The backing from leading Carbon and Climate specific funds that see the global potential and impact of Adaptavate combined with Innovate UK is the support we need to deliver on our ambitious vision and strategy; of re-thinking the way building materials are made for the mainstream industry.”
LCIF2 is funded by European Regional Development Fund, with the UK’s Department for Levelling Up, Housing and Communities as the Managing Authority.
For more information please visit www.Adaptavate.com, www.LCIF.vc and www.Turquoise.eu.
Adaptavate is re-thinking and re-designing the way building materials are made. We are innovating and designing low-carbon materials for healthy buildings and people.
LCIF2 is managed by Turquoise and is a venture capital fund investing in eligible small to medium sized businesses based in England, particularly the areas covered by its local government backers, developing products and services which will have a beneficial environmental impact.
LCIF2 is funded by the European Regional Development Fund (ERDF), following a successful bid by Norfolk County Council and the University of East Anglia. ERDF is an investment programme part financed by the European Union. LCIF2 is part of the UK government’s portfolio of business support products.
LCIF2 has received £10.9m (for co-investment alongside private monies) from the European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for this funding. Established by the European Union, the ERDF helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit www.gov.uk /european-growth-funding.