G-volution, a Newport, UK-based start up that develops a clean technology, multi-fuel system, has secured £400,000 in equity financing.
– Finance Wales, which committed £150,000;
– undisclosed private investors, which also commeitted £150,000;
– the company’s founders, who invested £100,000.
G-volution’s patented Optimiser system, which was developed in collaboration with a team of former Lucas Electronics engineers and Cranfield University, is designed to reduce fuel costs and carbon emissions. It is estimated to save commercial vehicle operators between 10 to 15% in fuel costs and reduce carbon emissions by around 8%.
The company intends to use the new capital to develop the Optimiser’s technology in order to focus on a wider range of applications in the commercial vehicle sector as well as investigating opportunities in the rail and maritime sectors.
Established in 2006 under the Carbon Trust Incubator programme, G-volution aims to capture 10% per cent of the heavy goods vehicle (HGV) market by 2015.