News - 22 June 2021

Nottingham renewable energy manufacturer secures £125k investment

A Nottingham company that manufactures biogas generators, which turn food waste into energy, has safeguarded its order fulfilments thanks to a £125,000 investment.

Aqsorption received the funding from First Enterprise – Enterprise Loans through the Community Investment Enterprise Facility (CIEF) and Midlands Engine Investment Fund (MEIF) – backed by the Coronavirus Business Interruption Loan Scheme (CBILS).

The company has introduced the technology needed to produce and sell micro–Anaerobic Digestion machine plants which start life as a 40ft container but end up being able to turn 3 tonnes of food waste per day into clean renewable energy. The process reduces the carbon footprint of the waste producer and provides a source of clean fuel.

The funding is being used to purchase additional manufacturing parts, while helping the firm manage the disruption of the Covid-19 pandemic. It will also help Aqsorption to expand and create two new full-time positions.

Opportunities for growth

Paul Geary, founder and director of Aqsorption, said:

“The combination of new trading arrangements and Covid-19 has increased the delivery lead times of key manufacturing equipment from eight weeks to up to 20 weeks so we’ve had to adapt our business model and create surplus stock on-site to ensure we can fulfil orders and minimise disruption. The funding from First Enterprise – Enterprise Loans has been essential in allowing us to do this and expand Aqsorption’s product range with biogas CHPs for rapid EV charging stations.”

Sajeeda Rose, Chief Executive of D2N2 LEP said: “It’s essential we support innovative businesses with opportunities for growth. By providing solutions to reduce food waste, Aqsorption are helping waste producers to reduce their carbon footprint, supporting our region’s collective vision for green-led recovery and growth”.

Sukhveer Chirrimar, investment manager at First Enterprise – Enterprise Loans, commented:

“It’s been a delight helping Paul buffer the effects of the new trading arrangements and Covid-19 and expand Aqsorption. As a responsible finance provider, we strive to support businesses which make a positive impact on the communities we serve so it’s great to support a company which is not only helping to tackle the issue of food waste but is also at the forefront of the industry.”

Lewis Stringer, senior manager at British Business Bank, said:

“It’s good to see finance from MEIF helping to manage delivery disruption, whilst enabling a business to gear up for future growth. The fund is committed to helping finance the green agenda in the Midlands by supporting businesses, such as Aqsorption.”

Midlands Engine Investment Fund

The Midlands Engine 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.

The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.

First Enterprise – Enterprise Loans provide government-backed finance to businesses across the East Midlands and South East Midlands with lending ranging from £500 to £250,000.

CIEF supports charities, social enterprises and other businesses wanting to a create a better, sustainable future with business loans ranging from £50,000 up to £100,000.

Latest News & Events

19 July 2024

Local Business Support boosted with launch of Early Stage Angel Investment Fund

Read Article

21 June 2024

Spotlight on our Board: Scott Knowles, Chief Executive, East Midlands Chamber, on the D2N2 LEP transition and East Midlands devolution

Read Article

11 June 2024

The D2N2 LEP staff team joins the East Midlands Combined County Authority (EMCCA)

Read Article

07 June 2024

Becky Rix, Marketing Director at Roadgas, explains why Roadgas is a proud member of the East Midlands Hydrogen Consortium

Read Article

05 June 2024

Spotlight on our Board: D2N2 LEP Board Member Natasha Johnson, Director of Partnerships at Global Entrepreneurs UK

Read Article

05 June 2024

Free Expert Business Advice and Support available through East Midlands Chamber’s Accelerator Programme

Read Article

03 June 2024

Spotlight on our Board: D2N2 LEP Board Member Professor Edward Peck CBE, Vice-Chancellor and President, Nottingham Trent University

Read Article

24 May 2024

Focus on the East Midlands: our time is NOW!

Read Article

24 May 2024

D2N2 LEP CEO, Will Morlidge, shares our East Midlands Hydrogen ambitions at UKREiiF

Read Article

24 May 2024

East Midlands Freeport and Freeport East Sign Green Freight Corridor Initiative at UKREiiF

Read Article

Get in touch.

Subscribe to our newsletter

Sign up
Address

D2N2 Local Enterprise Partnership
8 Experian Way
Nottingham
Nottinghamshire
NG2 1EP

Social

Our Partners