17th June 2021
A Nottingham company that manufactures biogas generators, which turn food waste into energy, has safeguarded its order fulfilments thanks to a £125,000 investment.
Aqsorption received the funding from First Enterprise - Enterprise Loans through the Community Investment Enterprise Facility (CIEF) and Midlands Engine Investment Fund (MEIF) - backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The company has brought about the technology needed to produce and sell micro–Anaerobic Digestion machine plants which start life as a 40ft container but end up being able to turn 3 tonnes of food waste per day into clean renewable energy. The process thereby reduces the carbon footprint of the waste producer and provides a source of clean fuel. The funding is being used to purchase additional manufacturing parts, while helping the firm manage the disruption of the Covid-19 pandemic. It will also help Aqsorption to expand and create two new full-time positions.
Paul Geary, founder and director of Aqsorption, said:
“The combination of new trading arrangements and Covid-19 has increased the delivery lead times of key manufacturing equipment from eight weeks to up to 20 weeks so we’ve had to adapt our business model and create surplus stock on-site to ensure we can fulfil orders and minimise disruption. The funding from First Enterprise - Enterprise Loans has been essential in allowing us to do this and expand Aqsorption’s product range with biogas CHPs for rapid EV charging stations.”
Sukhveer Chirrimar, investment manager at First Enterprise – Enterprise Loans, commented:
“It’s been a delight helping Paul buffer the effects of the new trading arrangements and Covid-19 and expand Aqsorption. As a responsible finance provider, we strive to support businesses which make a positive impact on the communities we serve so it’s great to support a company which is not only helping to tackle the issue of food waste but is also at the forefront of the industry.”
Lewis Stringer, senior manager at British Business Bank, said:
“It’s good to see finance from MEIF helping to manage delivery disruption, whilst enabling a business to gear up for future growth. The fund is committed to helping finance the green agenda in the Midlands by supporting businesses, such as Aqsorption.”
Sajeeda Rose, Chief Executive of D2N2 LEP said:
“It’s essential we support innovative businesses with opportunities for growth. By providing solutions to reduce food waste, Aqsorption are helping waste producers to reduce their carbon footprint, supporting our region’s collective vision for green-led recovery and growth”.
The Midlands Engine 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 Investment Bank.
The Coronavirus Business Interruption Loan Scheme (CBILS) was 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 scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.
First Enterprise – Enterprise Loans provide government-backed finance to businesses across the East Midlands and South East Midlands with lending ranging from £500 to £250,000.
CIEF supports charities, social enterprises and other businesses wanting to a create a better, sustainable future with business loans ranging from £50,000 up to £100,000.
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