Green tech company Perpetual V2G secures £500,000 equity deal from Finance Wales
Award-winning green tech company Perpetual V2G (Perpetual) has
secured a £500,000 equity investment from Finance Wales The
Lampeter-based business has a ground-breaking battery management
system which is already reducing the carbon footprint of customers
Perpetual are using the funding to increase production of its
innovative battery system as well as invest in research and
development. With a strong focus on growth the company expects to
create around 20 new skilled jobs over the next three years.
Established in 2013, Perpetual produce and fit Lithium battery
powered energy solutions for refrigerated vehicles. Delivery vans
fitted with the company’s system are able to sit idle whilst still
powering the chiller unit without requiring the engine on. This
saves money on fuel and significantly reduces carbon emissions.
With a number of patents, Perpetual V2G’s technology can be
applied to multiple sectors as an on board power storage and
management solution. The company is already in talks with a number
of blue chip clients including a leading telecoms provider.
Managing Director Andy Ling had an eight and a half year career
as a high-threat bomb disposal expert with the Army. He then worked
in the wind energy industry which inspired him to look at ways of
energy capture and storage, leading to the creation of Perpetual
V2G three years ago.
“Green technology is a vital sector for Wales and the wider
World. Our technology helps firms cut down their carbon footprint
and fuel costs.” explained Andy.
“Our energy-saving system can be adapted for a range of sectors
and thanks to Finance Wales’ support we’re now able to deliver it
to a wider customer base. The business is entering a period of
substantial growth, we’ve recently hired two new members of
staff and are negotiating with a number of potential new
Finance Wales Deputy Fund Manager, Bethan Cousins structured the
deal, she said:
“Perpetual is an exciting West Wales technology start-up with
strong IP and significant future potential. The business has
already secured some big clients such as Sainsbury’s and are in
talks with a number of other household names.
“Andy is a young, inventive entrepreneur with a passion for high
tech energy solutions and we’re looking forward to working with him
and his team as the business goes from strength-to-strength.”
Andy has recently been appointed as a Big Ideas Wales role model
and is a judge at this year’s Entrepreneur Wales Awards. He’s keen
to inspire younger generations to set-up their own businesses.
“I didn’t go to university, but that didn’t stop me. If you
really want to do something you can, and people like Finance Wales
can really support you in that ambition,”