Halesowen-based clean energy business, Solutions by Jigsaw, has secured a £250,000 loan to scale up its operations, accelerating the introduction of new products to UK and European markets.
Solutions by Jigsaw secured the finance from The Midlands Engine Investment Fund (MEIF), provided by The FSE Group, Debt Finance Fund and backed by the Coronavirus Business Interruption Loan Scheme (CBILS).
The funding will also enable the business to strengthen its team, with the creation of 20 new roles within the next three years.
Solutions by Jigsaw, manufactures, designs and installs infrared heating systems to replace traditional gas boiler central heating in homes and businesses. The cost effective fully UK certified wall or ceiling mounted units, are twice as efficient as other heating solutions, designed to support both a reduction in heating bills and carbon emissions, whilst being eco-friendly, and producing almost zero energy wastage.
The business, which is aiming to help use the global shift to greener energy sources and following the Government’s pledge to reach 300,000 new homes per year to be carbon neutral, is also partnering with market leading European manufacturers to explore opportunities to enter new sectors with a focus on equestrian heating solutions.
Glenn Billingham, CEO of Solutions by Jigsaw, said: “By 2025, the UK Government plans to stop the use and installation of gas boiler systems in new build properties. We are proud that we are working to achieve this and that our products support other key UK and global initiatives which include moving towards either low or net carbon emissions whilst also addressing medium term issues which are linked to energy poverty.
“The Infrared systems offer a low-cost alternative solution to gas boiler systems and provide the same comfort levels operating at lower temperatures than convection heat. The funding will enable us to carry out our expansion plans by creating 20 new jobs, delivering existing products whilst adding to our range helping homes, businesses and future customers to work towards and achieve cleaner, greener technology.”
Andy Long, Investment Manager at The FSE Group, which manages the MEIF Debt Finance Fund, added: “The energy sector is most definitely a market which is diversifying, growing and looking at new ways to achieve reductions in carbon emissions, which is pivotal in achieving a sustainable future.
“Glenn has an incredibly committed, strong and agile management team, with a sound knowledge of the industry and they are well placed to support the business taking it forward to the next level. We were pleased to be able to support the business with the funding required to help them achieve these growth plans.”
Mark Wilcockson, Senior Investment Manager at the British Business Bank, said: “Through our regional fund, we are actively supporting the businesses that are driving forward the Midlands net-zero agenda. This latest deal will allow Solutions by Jigsaw to accelerate the rollout of its energy efficient products and create 20 new job roles for the local economy. We would encourage other businesses focusing on the net-zero agenda or looking to expand, innovate and grow to consider MEIF funding.
Tom Westley DL, chair of the Black Country Local Enterprise Partnership (BCLEP) Board said: “The last two years have been challenging for business so it’s great to be able to support Black Country companies like Solutions by Jigsaw to upscale their business and in the process support job creation. The Black Country LEPs role is to support business in recovering and expanding so we continue to see our local and regional economy grow and we are particularly pleased to be supporting a business that is helping to deliver our shared low carbon ambitions through cost-effective energy solutions.”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
The Coronavirus Business Interruption Loan Scheme (CBILS) was managed by the British Business Bank on behalf of, and with the financial backing of, the Secretary of State for Business, Energy and Industrial Strategy (BEIS). The scheme ended on 31 March and has been replaced by the Recovery Loan Scheme.
The FSE Group, MEIF Debt Finance Fund provides loans between £100,000 and £1.5million to help growing SMEs across the region