Climate tech start-up IPG secures £1 million investment in latest round of funding
LONDON, Nov. 30, 2022 /PRNewswire/ -- Climate tech start-up IPG has secured £1 million investment following a successful crowdfunding campaign on equity funding platform Seedrs, led by its existing shareholders and private investment fund GreenTribe.
The IPG Flameless Generator offers a viable alternative to diesel generators, a major contributor to carbon emissions of industries including construction and mining, data centres and grid balancing. The funding comes following the completion of IPG's prototype project with National Highways and Cranfield University, where the pollutant-free and fuel-flexible benefits of IPG's generator were proven.
The funding will enable IPG to deliver the next phase of customer demonstration trials with its minimal viable product (MVP) to its growing list of early adopter customers.
"This is a vital step on our journey to replace the diesel generator and disrupt a soon-to-be $30billion market," said Toby Gill, CEO of IPG. "With this new investment and our successful prototype trial complete, we are on course to demonstrate the value of our product in helping to decarbonise those industries which have been reliant on diesel for so long."
Utilising IPG's breakthrough Flameless Combustion technology, its generator solution delivers pollutant-free power from any fuel. This fuel-flexibility is crucial for enabling businesses to ditch their diesel generators and decarbonise their operations today, without uncertainty in the nascent green hydrogen and biofuel supply chains introducing greater risk to energy security.
On the business's immediate future, Gill added "Over the coming year, we will be conducting a large-scale trial with a major UK construction company to demonstrate how our product can support the decarbonisation of their day-to-day operations at scale. We are also working towards further product trials with other climate-driven customers to demonstrate the impact of our solution for enabling a rapid, wide-scale transition to net zero in industries from construction and mining, to EV charging, grid infrastructure, and beyond."
Notes to Editors
About IPG
IPG is a British climate tech company tackling the 'dirty secret' of the energy transition: the diesel generator. Essential for providing energy security for wind farms, hospitals, data centres and construction sites, this is a $30bn market opportunity without a net-zero replacement.
IPG's clean-and-green alternative, the IPG Flameless Generator, promises to unlock this market opportunity by delivering pollutant-free power from any fuel, providing businesses with the energy security they need to join the net-zero transition, today.
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