Hydrotherm, a York, UK-based developer of a range of water heating products for off-grid energy markets, secured a £400k in funding.
NPIF – Mercia Equity Finance, which is managed by Mercia Fund Managers and is part of the Northern Powerhouse Investment Fund, made the investment.
The company will use the funds to begin recruitment and continue with developing its products while assessing market demand.
Led by tech inventor Max Smith, his brother Guy Smith, and Chris Blaxall, who were all behind Carlton Manufacturing, the Goldthorpe-based company which supplies eco-friendly building products and which they sold to Grafton plc in 2015, Hydrotherm aims to develop an innovative lithium-ion powered portable water heater initially for camping and leisure activities, but also for use by lone workers where immediate hot water is required for showering or washing tools.
In addition, the company is developing a range of stainless steel handmade rocket stoves and related camping stove accessories under its Rocketman brand.
The Smith brothers also previously established Nanoflam, a Queens Award for Enterprise business, which they sold in 2010.
Hydrotherm is based at Escrick Business Park in York.