Park Vale Capital invests £16M into Dearman, UK-based cold & power tech company
Dearman, the clean cold and power technology company, has announced that Park Vale Capital committed to invest £16 million in the business. This brings the total funds raised by Dearman during 2015 to £19.5 million (excluding grant funding), and will allow the company to bring the first application of its technology to market. It will also enable Dearman to establish initial UK-based manufacturing activity, and to achieve widespread international commercial deployment, while continuing to invest in R&D and demonstration of its core technology and subsequent applications.
As a global investor with an established presence in Europe, the USA and Asia, along with expertise in the bio-medical, cyber technology and real estate sectors, Park Vale will work in partnership with Dearman, helping it to establish new markets for its technology, identify opportunities for growth and realise them.<
Discussing the announcement, Katherine Priestley, Managing Director of Park Vale said: “Dearman is an extremely exciting company that is developing unique technology to address a clear global need – clean cold. Although the applications of Dearman technology will bring demonstrable environmental benefits, it is the fact that they are also commercially attractive and even operationally superior that makes the company so promising. We look forward to working closely with the Dearman team to help maximise the impact of their innovation and the value we can create together.”
Toby Peters, Chief Executive of Dearman said: “To have partnership of this scale, from a company as respected as Park Vale, is a recognition of the potential of our technology, the quality of our team and the rapid progress we have made to date. We have a vision to utilise innovative clean cold and power technology to address global environmental challenges, while delivering economic returns for our shareholders and growth in the communities where we operate. With the support of all our investors I am confident that we can achieve and even exceed that goal.”
The latest round of investment includes continued backing from a broad range of investors, notably including Transmark N.V., who have provided substantial investment to date and continue to be actively involved in the future of the business.
Dearman is developing a broad portfolio of clean cold and power technologies, all of which harness the unique attributes of the liquid air-powered Dearman engine.
The first application of Dearman technology is a zero-emission transport refrigeration unit, which offers a commercially attractive and operationally superior alternative to the polluting diesel powered units that keep refrigerated cargo cool on the road today. There is a substantial and rapidly growing addressable market for this technology and Dearman aims to achieve significant penetration in a number of countries, enabling it to maximise both the environmental and economic impact of its technology.
Commercial trials of the Dearman zero-emission transport refrigeration system are due to begin in early 2016, with further international trials to follow later in the year.
Subsequent applications of Dearman technology, already under development, include an auxiliary cold and power unit for buses and HGVs, a back up cold and power system for the built environment, and a waste-heat hybrid drive system for trucks and buses.
The company has grown to employ over 60 people at two sites, including the new Dearman Clean Cold and Power Technology Centre, which is home to its R&D and engineering activities and was opened earlier this year by Jo Johnson, Minister for Universities and Science.
Dearman’s corporate finance advisers, Turquoise International, initiated and advised on the development of the partnership with Park Vale, as part of their work on the company’s long-term funding plan. Turquoise specialises in finance for energy and environment.
For further information please contact:
Ben Heatley, Head of Corporate Communications, Dearman
T: +44 (0) 203 617 9170
M: +44 (0) 755 7944 230
Caroline Tecks, Senior Associate – Communications, Dearman
T: +44 (0) 203 829 0035
M: +44 (0) 773 9172 564
Dearman is a global technology company delivering clean ‘cold and power’. Dearman’s cutting-edge technology uniquely harnesses liquid air to deliver zero-emission power and cooling. It is developing a portfolio of proprietary technologies, products and services, which deliver significant reductions in operating cost, fuel usage and emissions, at low capital cost. The first application of Dearman technology, to provide sustainable and efficient zero-emission transport refrigeration. This will be in commercial trials in the coming months, ahead of multi-country trials later in 2016. The company is building an international reputation for innovation, rigour, commercial acumen and engineering excellence, all to fulfil its primary objective – to make the world a cleaner, cooler place.
Park Vale Capital
Park Vale Capital is an investment firm that is dedicated to developing and managing fiduciary long-term capital in a number of specific, unusual and focused investment strategies.
The company offers advice and provides high-value investment products through direct deal opportunities, funds, and tailor-made investment solutions. The business is built on the pursuit of unusual (low correlation to traditional assets) risk-adjusted positive performance that is designed to drive meaningful out performance in the total asset allocation.
It operates from offices in London, New York, Hong Kong and Shanghai. Park Vale and its partners are experienced professionals with expertise in private equity, biotechnology, cyber-technology, china special situations, real estate opportunities, adaptive strategies and new technology.
Source: Dearman Press Release