Lampeter tech firm raises six-figure investment
Perpetual V2G, which creates zero-carbon power technologies, has just closed a six-figure funding round and appointed a new COO to help accelerate growth.
As part of the deal, investment company Finance Wales has turned its previous £500,000 loan into equity, and a further £300 has been raised from other investors.
To coincide with this funding increase, business growth specialist Mervyn Ham has joined the Lampeter-based firm as its new chief operating officer. He also joins investor group in backing the business.
The company provides mobile clean energy power solutions to a range of applications and major corporations across the country, including the likes of Sainsbury’s and British Telecom.
It’s creased a lithium power supply that’s paired with bespoke power delivery solutions to help customers significantly reduce vehicle idle times with massive savings in fuel and harmful CO2 emissions.
Across the utilities and other sectors, the LPS solution replaces noisy polluting generators with silent green energy. Andy Ling, founder and CEO, said: “The opportunities for the Perpetual solution are larger than ever.
“I am delighted to have closed this funding round and equally delighted that Mervyn Ham has agreed to join the senior team. His years of experience in high growth businesses will be a major asset.”
Phil Barnes, investment executive at Finance Wales ,said: “We have worked with Perpetual over the last two years and seen the massive market potential begin to crystallize for the business.
“The company has some very exciting intellectual property, which has the potential to be really transformative in the clean energy sector.”
During the deal, Geldard’s LLP acted on behalf of Finance Wales, while Capital Law LLP represented Perpetual and its shareholders. It’s a Business Wales Accelerated Growth Programme company.
Ashley Cooper, chairman of Perpetual and co-founder of Catalyst Growth Partners, added: “It is testament to the business growth so far and the massive potential ahead of us that existing shareholders have backed the growth plan by both converting debt and injecting new capital.”