WIRRAL ACCOUNTANT HELPS EXTREME LOW ENERGY SECURE RECORD FUNDING
A leading Wirral accountant has helped one of the UK’s most innovative businesses secure record funding.
Alan Woods, Director of Woods Squared Accountants, introduced Extreme Low Energy to Wirral Chamber of Commerce.
Together, Woods and the Chamber helped ELE apply for funding from the Start Up Loans Company.
After extensive due diligence, SUL awarded ELE the largest loan the Chamber had ever secured for a business – £50,000 with £30,000 on day 1 and the option on a further £20,000.
Wirral Chamber of Commerce
It is the latest success for ELE, which last month won the national Most Innovative Small Business category in the Government-backed GREAT Faces of British Business competition.
The Merseyside company manufactures low-energy and low-carbon IT infrastructure. Its patent-pending products use direct and stored power obtained from a range of renewable sources, allowing customers to operate IT equipment away from traditional electricity grids.
The company, which was founded in 2014 by Mark Buchanan, is already working with a number of schools, colleges and universities in the UK and expects to sign its first contract in Africa in the next month.
ELE has received a further boost with the awarding of a £5,000 Innovation Voucher from Innovate UK (formerly the Technology Strategy Board).
Mark Buchanan, founder of Extreme Low Energy, said: “We were introduced to Wirral Chamber of Commerce by Alan Woods who has a reputation for being proactive and good at sourcing funding to support the growth of exciting businesses.
“We were impressed by the diligence of Sara Davies and her team at the Chamber who put us through our paces, asking lots of questions about our business plan, experience, sector knowledge and growth potential. We then underwent further intensive due diligence by the Start Up Loans Company before hearing that we had been successful.”
Mark added: “I would recommend the process to any ambitious business. It allows you to test your business and provides external verification of your business plan. It is also very rewarding to know that other people believe in our ideas as much as we do.”
Alan Woods said: “ELE is an exciting, fast growth entrepreneurial business and I was delighted to help them secure funding which will enable them to move forward with their plans.”
Judges of the GREAT Faces of British Business Awards described ELE’s technology as “a breakthrough idea that will transform the world’s sustainability and for having the potential to transform the quality of life for people in developing countries and remote regions of the world.”