Cenergist warming up for further growth with new home energy efficiency scheme team
FW Capital has backed an expanding North East energy
consultancy's plans to create new jobs in the Tees Valley and open
up new revenue opportunities with a six-figure investment from the
Northern Powerhouse Investment Fund (NPIF).
Cenergist is a specialist energy and water efficiency company
working across the UK and Europe with public and private clients
that are looking to achieve energy and financial savings.
The business is aiming to grow its work with the major energy
companies around the government's 'affordable warmth' obligation,
which requires them to help vulnerable and low-income households to
reduce their heating costs.
Cenergist has created four new jobs in setting up a new office
in Billingham which will undertake this work, and expects to create
a further four in the near future as it builds towards
substantially increasing its revenues from affordable warmth
A £515,000 investment from NPIF – FW Capital Debt Finance,
managed by FW Capital, has enabled Cenergist to set up the new Tees
Valley office and bring in the skilled personnel required to run
James Waring, finance director at Cenergist,
says: “Our strong links with the major energy firms,
allied to the technical knowledge within the business, leaves us
ideally placed to help them meet their affordable warmth
"We've enhanced our existing skills base by bringing in new
staff that can deliver on the energy companies' obligations, and
we're already seeing demand growing for our new services."
Mitesh Dhanak, managing director at Cenergist,
adds: “We're expecting to create even more new Tees Valley
jobs as we work towards building significant turnover from this new
area of operation within the next 18 months.
“Our previous experience of working with FW Capital showed they
were very practical and proactive people to deal with, and the
Northern Powerhouse Investment Fund investment was a natural fit
with our requirements."
Cenergist has been working with FW Capital since 2015. The
first investment was another six-figure loan from the
fully-invested North East Growth Plus Fund to enable them to become
the exclusive distributor for a money-saving smart shower
Tees Valley Mayor Ben Houchen said: “Cenergist
is exactly the type of company that is crucial to the economic
regeneration of Tees Valley. It is expanding and creating
high-quality jobs and the investment from the Northern Powerhouse
Investment Fund is supporting these aims.
“This is yet another good news story for Tees Valley and I would
encourage others to explore the help, advice and support that is
available to ambitious companies through this and many other
Keith Charlton, investment executive at FW
Capital, adds: “As an existing investor, we are delighted
to back Cenergist again to help them with their latest plans. They
have a highly experienced management team and an excellent industry
"Their plans to create new jobs and revenues formed the basis of
a strong business case for investment and we're pleased to have
extended our working relationship."
Ken Cooper, Managing Director at British Business Bank,
said: “We are pleased that NPIF through FW Capital have
provided Cenergist with the support it needs to pursue further
growth. This investment demonstrates the strong appetite for
funding in the Tees Valley region and the diligent work by our fund
managers in seeking out high-growth businesses to invest in.”
Operating from the British Business Bank’s Sheffield head
office, the Northern Powerhouse Investment Fund provides a mix of
debt and equity funding (£25,000 to £2m). It works alongside
ten Local Enterprise Partnerships (LEPs), the combined authorities
and Growth Hubs, as well as local accountants, fund managers and
banks, to support Northern-based SMEs at all stages of their
The Northern Powerhouse Investment Fund project is supported
financially by the European Union using funding from the European
Regional Development Fund (ERDF) as part of the European Structural
and Investment Funds Growth Programme 2014-2020 and the European
For more information about Northern Powerhouse Investment Fund,
please visit www.npif.co.uk.