Liverpool based Refrigerant Solutions (RefSols) has received a £750,000 investment to boost development of its low-GWP alternatives business
The funding, from The North West Fund for Mezzanine, managed by Enterprise Ventures, will allow the company to take advantage of the global demand for replacements as the current refrigerants are phased out and allow it to create a number of senior technical and sales jobs.
RefSols (formerly known as RSL) which was founded in 2004 by award-winning inventor John Poole, provides “drop in” replacements for the likes of R404A and R22, which require few or no changes to the equipment with the added benefit that they are compatible with existing lubricants.
One, RS-70, is claimed to be the ‘lowest-GWP R22 drop-in currently availalbe.’ Its products are manufactured on contract in the North West.
Will Clark of Enterprise Ventures which manages The North West Fund for Mezzanine, said: “Ozone-depleting substances are used in the refrigeration and air conditioning industries worldwide.
The need to find replacements which can be used with existing equipment represents a global market opportunity. This investment will help RefSols to take advantage of this demand and boost its export sales.”
The North West Fund for Mezzanine is financed by the European Regional Development Fund and the European Investment Bank.
Melanie Yeomans, Corporate Partner at the Manchester office of Ward Hadaway, provided legal advice to the Fund on the investment. Melanie said: “We are delighted to have worked with Enterprise Ventures to make this investment in RefSols on behalf of The North West Fund for Mezzanine. We wish everyone at RefSols the very best for what looks like an exciting future for the business.”