Hull renewables firm lands £500,000 growth loan

A Hull-based building services specialist is set to grow its renewable energy portfolio and secure larger contracts after receiving a six-figure loan.

GW Power-Safe, founded in 2014 by electrician Dan Haley, has received a £500,000 loan from NPIF II – Mercia Debt Finance, part of the Northern Powerhouse Investment Fund II. 

Dan says the funding will support the next phase of growth for the business, which now employs 46 staff alongside on-site contractors and generates a turnover of more than £12 million.

He adds the cash will help complete the fit-out of the firm’s new 5270sq ft headquarters, which is intended to act as a showcase for its work, demonstrating how retrofitting commercial properties can significantly cut carbon footprints, while also providing additional working capital to support bigger contracts.

Dan said: “As energy costs rise and the focus on sustainability grows, businesses are looking for practical ways to reduce both emissions and costs. 

“We support clients in their decarbonisation journey, and our new premises reflect our commitment to applying the same principles to our own operations. 

“It’s about leading by example.”

GW Power-Safe has already benefited from investment through both the first Northern Powerhouse Investment Fund and NPIF II, and continues to grow steadily. 

The firm, which works mainly with public sector clients, including schools, colleges, local authorities and NHS trusts, currently has around £16 million worth of projects in its pipeline and expects to create ten new jobs over the next year. 

Rebecca Pickering, of Mercia Debt, added: “Through sheer ambition and determination, Dan has grown GW Power-Safe from a small contractor to a respected firm that works on high-profile projects and has moved into renewables. 

“Its role is also changing from subcontractor to working directly with end users to manage an entire project. 

“We are pleased to support the company once again on the next stage of its growth journey.”

The £660 million NPIF II fund, which is operated by the British Business Bank, provides loans from £25,000 to £2 million and equity investment up to £5 million to help a range of small and medium sized businesses, driving innovation and creating opportunities for businesses to grow, scale, and thrive.

Lizzy Upton, senior manager at the British Business Bank, added: “GW Power-Safe is a strong example of how the NPIF and NPIF II funds have supported businesses throughout their entire growth journey. 

“This latest investment will enable Dan to build on that success - creating new jobs, supporting public sector clients and demonstrating how greener buildings can play a vital role in decarbonising the region’s economy.”

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