A company called Low Carbon Accelerator has made an equity investment of £300,000 in another firm called Turbine Developments.
That is for a 23% equity stake in the company with a right of first refusal for further funding rounds.
Turbine Developments, a company spun out from Queen’s University, Belfast, has developed a gas turbine engine which generates electrical power from low quality landfill gas (in the range of 13-30% methane) with, uniquely, no pilot fuel requirements. LCA’s investment will fund final development work on the turbine engine.
As UK landfill gas concentrations decline over time, Turbine Developments’ specialist engine will enable landfill gas power generating companies to maintain a production capacity on sites which would otherwise have to flare the gas.
Mark Shorrock, Chief Executive of Low Carbon Initiative Limited, the Company’s Investment Manager said: “Turbine Developments’ technology will enable operators to continue generating renewable power and avoid wasteful gas flaring, significantly extending the life of their asset base. This investment represents an important addition to our clean energy portfolio.”
James Oakley, Managing Director of Turbine Developments said: “We sincerely welcome the support we have received from LCA and look forward to working with them as we complete the commercialisation of our turbine engine and capitalise on this large and currently untapped market opportunity.”
Low Carbon Accelerator Limited is a closed ended investment company created to invest in a portfolio of fast-growing low carbon businesses. The Company listed on the AIM Market of the London Stock Exchange on 11 October 2006, raising £44.5 million. The
The Company will initially invest principally in companies based in the UK, Europe and the US, which provide low carbon products and services across buildings, fuels and energy efficiency.