Vertical Wind Energy secures £880K of funding to commence commercialisation of its products

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) November 12, 2010 -- Vertical Wind Energy, a designer, manufacturer and installer of vertical axis, small wind systems has secured £880K of funding from new lead investor the South East Seed Fund, alongside Angel Investors from the South East Capital Alliance (SECA), managed by Finance South East (FSE). Existing investors Clarendon Fund Managers and Northstar Equity Investors completed the funding round.

With two products independently signed off as ready to sell, this investment is designed to allow the Company to actively promote, sell and install turbines across the UK and Ireland. The products are currently in the Government’s micro-certification scheme and are being verified and analysed by the appointed agency TUV (NEL).

Vertical wind Energy, based in Horsham, began the development of its vertical axis systems in 2007 using design consultants, Engenuity (based in Haywards Heath). The products have undergone significant testing and multiple design iterations since then. All the while the key focus has been to deliver to the market a product that is cost effective, safe and meets all the design requirements for small wind systems. With the Government introducing the “Feed-in-Tariffs” in April of this year the rate of return for customers installing wind turbines has significantly increased. The Company and Renewables UK (BWEA) anticipates a dramatic uptake of systems over the coming years as the focus on renewables increases as the Government attempts to meet the testing targets it has set for CO2 reductions (34% reduction of Co2 emissions on 1990 levels by 2020).

The scene is set and the Company believes that it is the technologies that are proven in the field; applied correctly; can achieve scalability and a good return for their customers; that will dominate this sector. The two vertical axis turbines currently in Vertical Wind Energy’s portfolio tick these boxes.

“We are delighted with FSE’s lead involvement in the business at this critical point in our Company’s evolution. The support and faith shown in the business from suppliers, staff new and existing shareholders, demonstrates the faith in our products and strategy. With the strengthened Board and management team now in place, Vertical Wind Energy is well positioned to achieve our goals.” said Tony, CEO of Vertical Wind Energy Ltd.

Sally Goodsell, CEO at Finance South East agreed adding:

“The funding secured for Vertical Wind Energy is another example of the varied support offered by FSE. Not only are we passionate about investing in companies that provide solutions to global challenges, we are able to provide a customised investment package, as in the case of Vertical Wind Energy, thanks to a combination of the South East Seed Fund and FSE’s Angel Investor Networks. We feel that an innovative approach to funding is the way forward in view of the current economic environment.” Recent investments led by Finance South East include children’s food company Benjoy Nutrition, securing investment through the South East Seed Fund, 3en Ventures and FSE’s Angel Investor Network SECA.

Notes to editors
The South East Seed Fund
This £7.1m equity fund invests between £100,000 and £250,000 on a ‘matched funding’
basis in small and medium-sized enterprises based in the South East, which
may include university spin-outs. For more information on the South East Seed
Fund please contact Julie Silvester or Alexis Weber, on 01276 608526 or email.
julie.silvester@financesoutheast.com; alexis.weber@financesoutheast.com

About Finance South East
Finance South East (FSE) is an independent fund management organisation which

provides growth finance to ambitious young businesses. It is authorised by the FSA
and backed by the South East England Development Agency (SEEDA).
With offices in Camberley and Ipswich, the organisation works across the South East
of England and surrounding areas. The team has won many awards for its
innovative approach to funding SMEs. www.financesoutheast.com
For further details about Finance South East contact Donna Cooper on +44 (0) 1276
608513 or email donna.cooper@financesoutheast.com

About Vertical Wind Energy

Vertical Wind Energy provides the growing market for small wind systems with a complete solution to customers’ micro-generation requirements from consultancy through to product deployment. The systems are designed to the European small wind system requirements (IEC 61400) and are undergoing independent analysis through TUV (NEL). They typically pay for themselves, assuming correct siting, between 7-10 years.

For further details about Vertical Wind Energy please visit www.vweltd.com, or call Nuala McVeigh on 0845 618 5388.

cleantech     finance south east     funding     Green Energy     South East Capital Alliance     south east seed fund     Vertical Wind     wind turbine