Keighley business looks to the sunny side after funding
A West Yorkshire start-up business is looking to take a solar energy product developed in the region to the high-sun countries of the world following an investment from Finance Yorkshire.
Keighley-based Fullsun Photovoltaics Limited was started in April last year and is currently developing the prototype for a high concentrating photovoltaic (HCPV) solar module – a product the team hopes will make the company a major global player.
Chief Executive Officer Hugh Rudden said: “We develop HCPV modules for the utility and commercial markets and our mission is to drive down cost and simplify design, with the aim of becoming the lead supplier to the global solar energy markets.”
The company’s products are primarily aimed at regions around the world with high sunlight intensity and temperatures where HCPV technology is superior to the traditional flat plate silicon or thin film alternatives.
Following a six-figure Seedcorn Fund investment from Finance Yorkshire, the company is working on developing the prototype and Proof of Concept.
Hugh said: “Finance Yorkshire fill a very important gap in the market as there is quite a big hole between angel investing for brand new start-ups and venture capitalist style funding for larger, well-established firms.
“We’ve got a very exciting product and it’s great that something like this can continue to be developed right here in the region because of access to the sort of funding Finance Yorkshire offers.
“We are in the early stages, but in a year, once we have taken the prototype through testing, we will be looking to expand the engineering team adding at least 12 new jobs. Longer term once the company launches into production we will be looking at very significant growth and expansion”
Finance Yorkshire Investment Manager Graham Davies said: “Hugh has spent 20 years in senior management positions and has brought to market various new technologies and products in the hi-tech electronics markets.
“His Chief Technical Officer Geoffrey Duggan has 30 years industrial experience in multinationals, SMEs and start-ups, has worked with high profile names including Philips and Sharp and has been granted 11 US Patents.
“The combination of the duo’s wealth of experience and their passion for this product to be developed here in Yorkshire, mean we were keen to get involved and support the growth of Fullsun, which we hope will become a beacon company for the region.
“We will be working with the company to seek further funding and advice from other organisations, which have experience and connections within the high-sun regions around the world, to support the future development of the product.”
Finance Yorkshire provides seedcorn, loan and equity linked investments, ranging from £15,000 to £2m to help a range of small and medium sized businesses to meet their funding requirements for growth and development.
The project is supported financially by the European Union. It has attracted £30million investment from the European Regional Development Fund (ERDF) as part of Europe’s support for the region’s economic development through the Yorkshire and Humber ERDF Programme, £15million from Yorkshire Forward’s Single Programme, and £45million match funding from the European Investment Bank.
For more information about Finance Yorkshire, please visit www.finance-yorkshire.com or ring 0845 649 0000.
Note: this news article is from Finance Yorkshire’s previous fund. Read more about Finance Yorkshire