Investment Fund for Northern Ireland backs company committed to helping homeowners drive down emissions

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An energy services business which prides itself on being a one-stop-shop helping 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 just three years it has gone from start-up to employing 35 people and having a turnover of around £4million.

Based in Belfast, Refresh NI is focused on providing homeowners and landlords across Northern Ireland with products and services they require to make their homes more energy efficient and to reduce their carbon footprint.

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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.

Jack Peel, Finance Director of Refresh NI pictured with Mark Sterritt, British Business Bank’s DirectorJack Peel, Finance Director of Refresh NI pictured with Mark Sterritt, British Business Bank’s Director
Jack Peel, Finance Director of Refresh NI pictured with Mark Sterritt, British Business Bank’s Director

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.

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“The process of applying to the fund and being approved was a smooth one and I would have no hesitation in recommending the Fund to other businesses who are on their own growth journey.

“We met with Whiterock and we then submitted our detailed business plan to their investment committee for approval before they undertook a due diligence review of our business.

“We have been really pleased with just how smooth the journey to this point has been and we are looking forward to using the investment to further grow our company.”

Whiterock Director Neil McCabe said Refresh NI is a great example of a Northern Ireland business which has a clear vision for the future.

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Neil said: “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.

“At Whiterock we are excited about supporting ambitious and innovative businesses like Refresh NI.

“Since the Investment Fund for Northern Ireland launched we have witnessed a number of excellent businesses from a variety of sectors come forward seeking support and we are delighted with the current pipeline of enquiries.”

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British Business Bank Senior Investment Manager, Nations and Regions Investment Funds, Sue Barnard 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.

“Supporting a transition to a net zero economy is one of the British Business Bank’s objectives, its good to see this investment completed and we look forward to seeing the business grow.”

The £70million fund offers a range of commercial finance options including debt finance and equity investment to support businesses from all sectors in Northern Ireland and at different growth stages.

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Whiterock manages the debt fund, offering loans of £25,000 up to £2million while Clarendon Fund Managers provide equity stakes in smaller businesses up to £5million.

To find out more about the Investment Fund for Northern Ireland visit http://www.investmentfundnorthernireland.co.uk

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