A Tees Valley-based energy and water services firm has secured a £750,000 loan in a bid to scale-up its operations, including a new call centre.
Cenergist has received the funding from NPIF – FW Capital Debt Finance, managed by FW Capital, and part of the Northern Powerhouse Investment Fund (NPIF).
The Billingham-based firm works across the UK, Europe, India and the Middle East to help public and private clients achieve energy, water and financial savings.
The investment – the fourth FW Capital has made into Cenergist – brings the total amount of funding to £1.85m.
FW Capital first provided a £350,000 mezzanine loan through the North East Growth Plus Fund in 2015, which enabled it to become the exclusive distributor of a money-saving smart shower.
In 2017 the expanding company then secured a £515,000 investment from NPIF – FW Capital Debt Finance, to set up a new office in Billingham.
A further £235,000 loan from NPIF was provided to support Cenergist’s plans to expand its remit further into turnkey solutions of low-cost LED lighting upgrades for commercial entities.
Now Cenergist has received its fourth FW Capital investment – £750,000 of growth capital to launch new revenue streams, scale-up, deliver new contracts, create eight new roles and open a call centre in Billingham.
The firm’s managing director Mitesh Dhanak said: “Our fantastic partnership with FW Capital has stood the test of time.
“From the first investment they made into Cenergist in 2015, to the most recent £750,000 funding, FW Capital have truly understood our business and helped us to reach our ambitions and generate significant turnover.”
Keith Charlton, senior investment executive at FW Capital, said: “This latest follow-on investment makes this the largest amount we have ever invested in any single company from the Northern Powerhouse Investment Fund and North East Growth Plus Fund.
“The fact that it is our fourth investment into Cenergist demonstrates our commitment to supporting businesses in real long-term working partnerships.
“Cenergist has now received £1.85m in funding from FW Capital, which has helped the company grow from five to 45 people worldwide in 2019.”
Cenergist operates from offices in Billingham, Teesside, Washington, Tyne and Wear, and London.
It has two subsidiaries based in Spain and India focussed on delivery to local markets, 31 staff in the UK and three divisions – Energy Infrastructure, Consulting and Water Services.
The Northern Powerhouse 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.
• Pictured above (left to right): Cenergist’s Sarah Howells, Dan Ludgate and James Waring with FW Capital’s Keith Charlton.