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1st March 2021

LINCOLNSHIRE ENTREPRENEURS SECURE £130K INVESTMENT

Two Lincoln entrepreneurs have secured their sustainable data centre design and deploy business, safeguarding three jobs, following a £130,000 investment.

Tim Chambers and Angela Meah received the funding from First Enterprise – Enterprise Loans through the Midlands Engine Investment Fund (MEIF) backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

The funding is being used to support Exuvi8 Ltd – which specialises in designing and deploying energy-efficient data centres – with professional service costs and cash flow during the COVID-19 pandemic while key contracts are put on hold due to movement restrictions.

Tim Chambers, founder and director of Exuvi8, said:

“We set up Exuvi8 after seeing a gap in the marketplace for clients wanting financially viable and sustainable data centres which are closer to their activities, but despite having opportunities around the world, we’ve had to secure funding to safeguard our services until travel restrictions are lifted and business can resume as normal.”

Angela Meah, co-founder and director of Exuvi8, added:

“The funding from First Enterprise – Enterprise Loans has not only allowed us to safeguard our team’s jobs but is also enabling us to put other measures in place which will ensure that we are in a strong position to be able to grow after the pandemic.”

Matthew Wright, investment manager at First Enterprise – Enterprise Loans, commented:

“We are delighted to be able to support Tim and Angela to safeguard their business during these difficult times.

“Knowing they have previously worked on the world’s first hybrid, liquid-cooled data centre, I’m sure Exuvi8 will be a huge success after the COVID-19 restrictions are lifted.”

Lewis Stringer, senior manager at the British Business Bank, said:

“This funding package from MEIF, backed by CBILS is another example of the support available to help businesses to not only manage the disruption caused by the COVID-19 pandemic but to diversify and grow. We’d encourage other businesses in a similar position to consider the options available through MEIF.”

Pat Doody, chair of the Greater Lincolnshire Local Enterprise Partnership, said:

"As the digital world grows, so does the need for greater energy efficiency when it comes to storing large amounts of data.

"It's really pleasing to see the continued growth of this entrepreneurial Lincoln business, and it's equally encouraging to see that MEIF funding is available to support businesses through this tremendously challenging period."

The Coronavirus Business Interruption Loan Scheme (CBILS) is managed by the British Business Bank on behalf of, and with the financial backing of the Secretary of State for Business, Energy and Industrial Strategy (BEIS).

The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the ERDF as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.

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