A clean and cold power business supported by Innovate UK is to take its technology to market after attracting £16 million from investors.
A business that has developed a zero emission transport refrigeration unit will be able to take its technology to market in the UK and abroad after a £16 million investment from Park Vale Capital.
Dearman was set up three years ago to develop technologies to harness the engine invented by Peter Dearman and has grown to employ 60 people at two sites in Croydon and London.
The first major application of the technology is for transport refrigeration units. It is also being developed for use in back-up power systems for buildings and for more fuel efficient vehicle engines.
The investment will allow Dearman to establish initial manufacturing activity in the UK, to deploy its technology internationally and to continue to invest in research and development and demonstration.
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 â 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.”
Dearman addresses global challenges
Dearman technology is being tested in the Innovate UK and Office for Low Emission Vehicles (OLEV) co-funded Cool E transport refrigeration project by a consortium of Dearman; the world-leading engineering, research and product-testing organisation HORIBA MIRA; Air Products; and Loughborough University.
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.”