Clean cold and power technology company Dearman has received substantial investment from venture capitalist Park Vale Capital, allowing ‘widespread international commercial deployment’
Global investor Park Vale is to invest £16 million in clean cold and power company Dearman and to work with the firm ‘to help establish new markets for its technology, to identify opportunities for growth and to realise them.’ 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 - 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.
We look forward to working closely with the Dearman team to help maximise the impact of their innovation and the value we can create together.”
Toby Peters, Chief Executive of Dearman added: “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.”
Dearman said the latest round of investment includes continued backing from a broad range of investors, notably including Transmark NV which has provided substantial investment to date and continue to be actively involved in the future of the business.
The company is developing a broad portfolio of clean cold and power technologies, all of which harness the unique attributes of the liquid air-powered Dearman engine, it said.
The first application of Dearman technology is a zero-emission transport refrigeration unit, the firm said: “There is a substantial and rapidly growing addressable market for this technology and Dearman aims to achieve significant penetration in a number of countries, enabling it to maximise both the environmental and economic impact of its technology.”
Commercial trials of the Dearman zero-emission transport refrigeration system are due to begin in early 2016, with further international trials to follow later in the year, the company said.
Subsequent applications of Dearman technology, already under development, include an auxiliary cold and power unit for buses and HGVs, a back-up cold and power system for the built environment, and a waste-heat hybrid drive system for trucks and buses.
The company has grown to employ over 60 people at two sites.