Welsh firm Perpetual V2G has closed a six-figure funding round alongside the appointment of key staff to drive significant growth at the zero-carbon power solutions firm.
In the deal, existing shareholder Finance Wales has converted its £500k loan to equity. In a combined capital raise from existing shareholders, almost £300k of further funding was raised.
At the same time, business growth specialist Mervyn Ham has joined the Lampeter-based company as Chief Operating Officer, as well as joining the investor group in backing the business.
Perpetual V2G provides mobile clean energy power solutions to a range of applications and major corporations including well-known names such as Sainsbury’s and British Telecom.
The Lithium Power Supply (LPS) is paired with bespoke power delivery solutions to provide customers with the ability to 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.
Commenting on the round, 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.”
Andy Ling, founder and CEO, commented:
“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.”
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. We have a game changing 12 months ahead of us and we look forward to delivering major value for our client base.”
The transaction was managed by Geldard’s LLP acting for Finance Wales and Capital Law LLP acting for Perpetual and other Shareholders.
Perpetual V2G is a Business Wales Accelerated Growth Programme company and is also looking to secure Welsh Government RBF/SME support for its forthcoming staff growth plans.
More information on Perpetual V2G can be found at www.PerpetualV2G.com.