UK firm Dearman says investment will help it bring zero emission transport refrigeration units to market
UK engineering firm Dearman today announced (January 7) it has secured £16 million backing from global investor Park Vale Capital in order to bring the first application of its zero emission technology to the market.
Park Vale Capital will work in partnership with Dearman to establish new markets for its technology and opportunities for growth. The investor has established presence in Europe, the USA and Asia with expertise in a variety of sectors.
The investment means Dearman has raised a total of £19.5 million during 2015, excluding grants, enabling the company to establish initial UK-based manufacturing activity.
Based in London, Dearman employs 60 staff and specialises in zero emission liquid nitrogen power and cooling technology for a variety of applications, opening a new research and development facility in Croydon last year.
The company’s products include transport refrigeration units, which can be retrofitted to vehicles as an alternative to diesel refrigeration units as they reportedly produce zero tailpipe emissions of nitrogen oxides (NOx).
In July 2015, the company said the issue of pollution from diesel transport refrigeration units was being “ignoredâ€?, and claimed that the majority of the 84,000 units on UK roads each emit 29 times more particulate matter than a single modern Euro 6 engine truck (see AirQualityNews.com story).
Dearman began full testing of its units last year, and the company hopes the new funding will enable it to realise the “substantial and rapidly growing addressable market for this technologyâ€?, adding that Dearman aims to achieve “significant penetration in a number of countries, enabling it to maximise both the environmental and economic impact of its technologyâ€?.
According to Dearman, commercial trials of its transport refrigeration system are due to begin in early 2016, with further international trials to follow later in the year.
Other zero emission Dearman technologies currently 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 latest investment includes continued backing from a “broad range of investorsâ€? such as Transmark N.V., which Dearman said had provided substantial investment to date and continue to be involved in the future of the business.
Commenting on the announcement, Dearman chief executive Toby Peters 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.â€?
Energy and environment financing firm Turquoise International initiated and advised on Dearman’s partnership with Park Vale.
Managing director of Park Vale, Katherine Priestley, 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.â€?