Investment fund backing to accelerate growth plans for Northern Ireland energy services firm

A Belfast-based energy services business which helps homeowners reduce their carbon emissions has secured a £200,000 loan from the Investment Fund for Northern Ireland.

Facilitated by Whiterock, the deal will enable Refresh NI to accelerate growth plans and maintain the strong momentum the company has enjoyed since launching in 2021.

In three years it has gone from start-up to employing 35 people and having a turnover of about £4m.

The range of energy efficiency services Refresh NI offer includes home insulation, gas boiler replacement and oil to gas conversion as well as solar PV and battery storage, air-source heat pumps, hybrid heat pumps, appliance servicing and installation of EV home chargers.

Refresh NI finance director Jack Peel said the deal with the Investment Fund for Northern Ireland will enable the company to accelerate its growth in line with the current and future demand for its services.

He said: "This additional investment will help us deliver our strategic growth plans and increase our capacity to deliver our range of energy efficiency services and help our customers reduce their carbon emissions.

"We plan to invest in all areas of our business, from our engineers to our sales and marketing teams through to our IT systems with the aim of making our customers’ journey to our services even more transparent and efficient."

Whiterock director Neil McCabe added: “We have been greatly impressed by Refresh NI’s story so far and for the direction of travel they want to take their company.

"They are providing a great service for people wanting to make their homes as energy efficient as possible and in line with their budget. As the journey to net zero accelerates we expect increased demand for their services."

Mark Sterritt, British Business Bank’s director of Nations and Regions Investment Funds, said: "Refresh NI are not only growing an excellent business they are supplying services which can help transform Northern Ireland’s carbon emissions.

"The residential sector is one of Northern Ireland’s largest contributors to greenhouse gas emissions, therefore, supporting businesses who can help homeowners reduce their carbon footprint is an excellent use of the fund."

Whiterock manages the Investment Fund for Northern Ireland's debt fund, offering loans of up to £2m, while Clarendon Fund Managers provide equity stakes in smaller businesses up to £5m.

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