Econotherm Receives Minority Equity Investment from Spirax-Sarco
Econotherm, a Bridgend, UK-based manufacturer of heat pipe waste heat recuperators, economisers, pre-heaters and steam condensers, received a minority equity investment from Spirax-Sarco Engineering plc.
Spirax-Sarco, which acquired a 30% stake in the company for a £1m consideration, also has an option to acquire the remaining equity in the period between 1st January 2016 and 31st March 2019. The two companies have worked in close partnership for two years in order to develop Econotherm’s new technology for steam related applications. Spirax-Sarco has secured worldwide exclusive sales, marketing and manufacturing rights for the resulting heat exchangers, which are used to recover waste heat from furnace, boiler, oven, thermal oxidiser, engine & incinerator exhaust. The recovered heat is converted to useable hot air, water or thermal oil for use in process, space heating and electrical generation to reduce the clients fuel costs and corresponding CO2 emissions.
Led by David Bundred, Chairman, Econotherm started with angel investment raised via xenos, the Wales Business Angel Network.