Turquoise, the UK merchant bank specialising in energy, environment and efficiency, has announced an investment by Low Carbon Innovation Fund 2 (LCIF2) in Kelda Showers. This forms part of a capital raising round of over £2 million in which other investors included 24Haymarket, Growthdeck, David Harding, Amajaro Holdings and Macauley Capital.
Kelda is a supplier of water and energy efficient showers to the housebuilding, leisure, hospitality, armed forces accommodation and retail sectors. Its patented Air-Powered and BubbleSpa products are market leaders in delivering cost and carbon savings.
Ian Thomas, managing director at Turquoise, commented: “LCIF2 is pleased to join a strong investor group of existing and new shareholders to support the expansion of Kelda’s business, providing a product that has the potential to facilitate very significant carbon savings at low cost across a wide range of homes and businesses.”
Richard White, CEO of Kelda Showers, added: “We welcome LCIF2 and our other new investors in this funding round which provides Kelda with the capital needed to grow our business significantly over the next 12 months. We offer market-leading products with global potential”.
LCIF2 is funded by European Regional Development Fund, with the UK’s Department for Levelling Up, Housing and Communities as the Managing Authority.
Kelda Showers is a pioneer of high efficiency showers using Air-Powered™ technology. Kelda showers typically save around 50%–60% of water and energy compared to conventional showers. Using innovative Air-Powered™ technology Kelda sets the new standard in high- efficiency showers – helping lower carbon emissions and running costs.
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.