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MMC Ventures makes cleantech investment of £1.1 million in E-Stack


13 July 2009

MMC Ventures Limited (MMC) today announces that it has made its first cleantech investment in E-Stack Limited (E-Stack). MMC, a venture capital firm which focuses on UK growth companies, has invested £1.1 million of equity capital.

E-Stack designs and manufactures ultra low-energy ventilation systems. The company’s patent-pending, controlled natural ventilation system reduces overall energy consumption of buildings by 50% compared with buildings using conventional ventilation systems. Almost half of all CO2 emissions globally are produced by the built environment; in the EU heating and cooling accounts for 40% of these emissions.

E-Stack was spun out of University of Cambridge in 2006 following a BP-funded research programme at the University’s BP Institute. Dr Shaun Fitzgerald (CEO) and Professor Andy Woods (CTO and Head of the BP Institute) led and commercialised this research with support from BP's Ventures team. Sales have grown quickly since 2007 and MMC’s investment will fund working capital and expand the sales and R&D teams.

Natural and controlled ventilation is a growing niche within the £1.4bn UK HVAC market, driven by energy consumption legislation, Building Regulations and costs pressures (initial capex, maintenance and energy costs). Government spending on construction in education (a sector which E-Stack is well suited to) and carbon reducing incentives are also key drivers.

BP’s head of research and technology, David Eyton, says: “E-Stack is an excellent example of how to take great research and turn it into a successful commercial venture, in a short space of time.”

“MMC has been following E-Stack for 18 months and in that time they have consistently impressed us with their progress”, says Ben Richardson, Director at MMC who led the investment. “As well as a clever technology we are backing a team with an unusually good mix of academic and commercial credentials”.

Notes for editors

About E-Stack:

E-Stack designs and manufactures ultra low-energy ventilation systems. The product reduces the overall energy consumption of buildings by 50% compared with buildings using conventional ventilation systems.

The usual premise of natural ventilation is that warm air rises out of a high opening (the roof) and is replaced by cool air from low openings (windows); however this often results in cold drafts in winter, risk of overheating in summer, uncontrolled acoustics and uncontrolled air quality. E-Stack’s patent-pending, controlled natural ventilation system overcomes these problems and ensures compliance with increasingly stringent Building Regulations on energy consumption, acoustics, thermal comfort and air quality.

E-Stack is most applicable to low-rise buildings in temperate climates. Buildings fitting these criteria include schools, retail park format stores, theatres and leisure buildings in NW Europe and certain coastal areas in the US. E-Stack is investing in R&D for innovative product development and broader application.

For more information: www.e-stack.co.uk

Contact: shaun.fitzgerald@e-stack.co.uk

About MMC Ventures:

MMC Ventures invests growth capital in UK companies. With £70m under management MMC supports its companies through multiple funding rounds as they grow. MMC invests on behalf of private investors and smaller institutions. Since it began in 2000 MMC has established a strong track record of growing and selling businesses. MMC was named EIS Fund Manager of the Year by the EISA in January 2009.

For more information: www.mmcventures.com

Contact: alanna.frieda@mmcventures.com


Publisher Contact Information:

MMC Ventures Ltd
-
alanna.frieda@mmcventures.com

Company profile of MMC Ventures Ltd
Past press releases of MMC Ventures Ltd.

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