New Energy-Efficient Technology To Transform AC Market
New air conditioning technology which could "transform the building industry" has received £3.1 million of funding.
The innovative technology, which has been patented by UK firm Spiralite, is said to be up to 40% more energy efficient than traditional metal. It exploits a new organic, non-metal pre-insulated material used to create ducts for delivering heating, ventilation and air conditioning in domestic, commercial and industrial buildings.
Now Spiralite has received its first ever institutional funding from Octopus Investments. The growing firm, whose technology has already been used at a Stratford branch of Marks and Spencer and Guy's and St Thomas' Hospital in the capital, will use the funding to continue developing the product and expand the team at its factory in Essex and second office in Manchester.
Mel Ragnauth, Spiralite's managing director, said: "Change is afoot in the building industry. We believe there is a real opportunity in the ductwork market, which is crying out for a modern innovation to reduce embodied carbon and help lower energy bills across the economy."
Jane Vinson of Octopus commented: "At Octopus we're always looking for businesses with the capability to disrupt and dominate a market, and Spiralite are certainly looking to do just this in the insulation and ductwork industry. We've been impressed by Mel Ragnauth and his team, and are excited to support Spiralite as they take their business to the next level."