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Consett firm lands £200k to support solar technology product

Consett-based Natural Technology Developments has received a £200k investment to facilitate the future development of its solar technology product, The Solar Angel.

UK Steel Enterprise is providing £100k of early-stage finance from its Equity Growth Fund, backed by the government’s Regional Growth Fund, and Northstar Ventures is pledging £100k from the Finance for Business North East Proof of Concept Fund, its second investment into the company. Paul Wigham from law firm Watson Burton advised on the deal.

Run by Managing Director Paul Laidler and Operations Director Jo Walters, the company will create five new jobs to join the current team of three.

Solar Angel has a unique cooling system that enables it to generate both electricity and hot water and independent testing has shown it to be four times more energy-efficient than stand-alone panels.

Paul explained: “With reductions in the subsidy levels for solar installations the emphasis will move away from a pure investment angle and decisions will be more about maximising carbon displacement and lowering energy bills. With its dual generation technology Solar Angel makes a compelling case against the competition.

“Internationally, most countries are escalating their solar technology and the cost and carbon-saving benefits with Solar Angel are there for domestic, business and industrial users. We are confident that this new technology will see us leading the way in a worldwide market with massive potential.

“We are very pleased to have secured this investment from UK Steel Enterprise and Northstar Ventures as second stage funding. It is enabling us to seize opportunities at the right time, including developing a product tailored specifically to hot climates.

“Designing, developing and bringing a product like this to market demands a big investment of time, expertise and money and we appreciate the support from all our investors.”

Peter Taylor of UK Steel Enterprise, the Tata Steel business-support subsidiary, said: “Solar energy is the fastest growing renewable technology worldwide and we are delighted to be backing an innovative North East company with a strong team that has developed breakthrough technology.

“This is the type of project that our early-stage finance is designed to support and our backing can also often help to unlock additional investment for companies that need working capital to grow and create jobs.”

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