Zero-emission boiler firm secures £4.5 million of funding
Zero-emissions boiler company Luthmore has secured £4.5 million of funding from existing investors, alongside specialist business support.
The engineering firm behind the world’s first battery-enabled, zero-emissions boiler has closed its latest funding round with contributions from The FSE Group and also via the South West Investment Fund (SWIF).
Ralph Singleton, Head of Equity South West at The FSE Group, said, “Luthmore is a great example of the innovative businesses we want to support in the South West. The team has made significant progress in developing its technology and is now entering an important stage as it looks to build commercial momentum and bring the Luthmore One to more UK homes. We’re pleased to continue our support and to be part of the company’s next phase of growth.”
Luthmore has also been selected as one of five UK businesses to receive practical advice from Connected Places Catapult (CPC), the UK’s innovation accelerator for transport, construction and infrastructure. By joining the Innovate UK-funded Scale Up Support Programme for Transport and Construction, Luthmore will receive bespoke support from CPC’s experts alongside its network of specialists. Shaped around Luthmore’s priorities, support will include investment readiness, leadership coaching, team structuring, growth planning and sales.
Alex Weedon, Enterprise Innovation Director at CPC said, “Through the scale-up programme, we’ll help founders with direct introductions to investors for access to capital. We’ll also connect them with growth specialists who can help them tackle the challenges that often hold businesses back from scaling. Over the next six months, we’ll work closely with each company to strengthen their growth plans, open up new opportunities and help accelerate their path to market.”
This support comes at a significant time for Luthmore, which is rolling out the Luthmore One boiler, its flagship product, to consumers.
CEO Herve Deherang, said, “Luthmore is growing quickly, and we are grateful to both our long-term investors, and new partners for their faith in the product and the business. It’s so encouraging that our technology is being recognised at every level – from investors, business innovation groups, technical accreditors, installers, specifiers, and now, within government. This is a truly exciting chapter in Luthmore’s story.”
