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Climate technology company IPG raises a £ 1 million crowdfunding

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Climate technology firm IPG met its £ 1 million investment target through a crowdfunding campaign on Seedrs.

IPG, which is now going into overfunding, is providing a clean, green replacement for the diesel generator for hard-to-decarbonise industries like construction and mining, as well as new markets like electric vehicle charging and future grids.

The already guaranteed funds will allow IPG to provide the first round of demonstration trials of its minimum profitable product with its growing list of early adopter customers in the construction and mining sector.

With more funding, IPG plans to implement longer trials with a wider network of engaged customers, creating more trust and demand for its product and unlocking its future order book first.

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Diesel generators are the dirty secret of the energy transition. They accounted for 53% of the distributed energy market in 2019, and despite the progress we continue to make with wind, solar and battery storage, their market value is set to nearly double to 30 billion. dollars by 2030.

The IPG Flameless Generator is a patented flameless combustion technology that provides pollutant-free energy from any renewable fuel, while allowing the safety of a conventional fuel backup in the event of a supply interruption.

This will provide valuable energy security for companies by reducing the risk of switching to hydrogen and biofuels, enabling them to end their dependence on diesel.

Following a £ 1 million prototype project with National Highways and Cranfield University, the next step in commercializing the IPG flameless generator is to demonstrate its reliability and longevity, to give customers the confidence to deploy it on a large scale indoors. of their business.

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“Wind, solar and battery storage will form and should form the backbone of our net zero energy system,” said Toby Gill, CEO.

“However, fuel-based clean energy will continue to play an incredibly important role in providing power to grid-independent applications, as well as balancing the intermittency of a renewable energy-based grid.

“This role is increasingly overlooked in the discussion of how we build our energy future.

“Building the commitments of our angelic investor network through Seedrs’ crowdfunding campaign has not only allowed us to quickly reach our funding goal and move to oversubscribing, but also raise awareness of the value of our solution for the climate change.

“In just 10 days, we welcomed 291 investors into our mission to replace the diesel generator and received significant new interest in our product from future customers.

“I am delighted to open our funding round to over-underwriting as we seek to broaden the scope of our demonstration trials and help an increasing number of these customers abandon their diesel generators.”

For more details and to participate in the crowdfunding campaign, visit the website Seeders.

Climate technology company IPG raises a £ 1 million crowdfunding

Source link Climate technology company IPG raises a £ 1 million crowdfunding

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