03/06/2016

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 like Sainsbury’s.

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 clients.”

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,”