Maven and Northern Powerhouse Investment Fund support growth of Aberla
Maven has made a £500,000 investment on behalf of the Northern Powerhouse Investment Fund (NPIF), in Warrington based Aberla Services (Aberla).
Maven was appointed earlier this year to manage the £57.5m NPIF – Maven Equity Finance, focused on providing flexible equity funding to high-potential SMEs primarily based in the North West, with a focus on supporting their growth aspirations and contributing to regional economic development, job creation and innovation. The investment marks NPIF’s first in the Cheshire and Warrington area, and Aberla is a strong example of the ambitious and dynamic businesses NPIF can support across the Northern Powerhouse region.
Aberla is a leading energy services business backed by Praetura who successfully brought AIM listed Inspired Energy to market. Aberla delivers projects and solutions which enable businesses to improve energy efficiencies and make significant cost savings on its energy consumption. With the UK subject to numerous international carbon reduction and climate change treaties which require a substantial reduction in greenhouse gas emissions over the next 30 years, and increasing the level of its energy needs from renewables, the government has developed a range of tariffs and tax mechanisms to incentivise consumers to switch to cleaner energy sources.
These market pressures, in tandem with the falling costs of renewable energy technologies, means that large consumers of energy are looking to invest in energy efficiency in order to reduce overheads.
The specialist knowledge and experience of the Aberla team leaves the business ideally placed to work with large energy consumers, such as commercial retailers, water utility providers and care homes, to help them develop and deploy comprehensive energy strategies. The NPIF investment will allow Aberla to expand the team and exploit opportunities in the growing market for commercial solar photovoltaic (PV) systems, battery storage solutions and air source heat pumps which benefit from the UK government’s Renewable Heat Incentive (RHI) scheme.
Jeremy Thompson, Investment Manager at Maven, said: “We are delighted to support Aberla as it looks to exploit a number of exciting renewable energy opportunities. This is going to be a very interesting market in the next few years as the UK undergoes changes in the way electricity is produced, used and stored. We are extremely pleased to be backing an experienced management team who are capable of taking advantage of the coming changes in this market and driving the business forward.”
Paul McCarren, Managing Director at Aberla, added: “With the UK energy market certainly showing no signs of slowing down our business plan demonstrates the immense potential for strategic growth and significant opportunities ahead. We are looking to grow turnover by targeting new sectors, diversifying into new technologies and increasing knowledge collaboration with our partners. In addition to our recently launched rebrand we are also currently recruiting a number of key roles within the organisation, and with our new investors onboard, we now have the basis to make a real splash in the energy industry.”
Mike Fletcher, Chairman at Aberla said: “We are delighted to have secured £2.0m of additional finance to support the Company’s growth ambitions and also to have secured a £500,000 investment from the Northern Powerhouse Investment Fund, alongside our own investors. This new funding, allied to our investment in an ambitious management team led by Paul McCarren, provides the Company with a unique platform of talent and delivery capability to benefit our clients and partners alike."