Clean cold and power technology company Dearman has announced that Park Vale Capital has committed to invest £16m ($23m) in the business.
The investment will support the development of the company’s clean cold technology, and brings the total funds raised by Dearman in 2015 to £19.5m (excluding grant funding).
More specifically, it will enable Dearman to establish initial UK-based manufacturing activity, and to achieve widespread international commercial deployment, while continuing to invest in R&D and demonstration of its core technology and subsequent applications.
Toby Peters, Chief Executive of Dearman (pictured), commented, “To have partnership of this scale, from a company as respected as Park Vale, is a recognition of the potential of our technology, the quality of our team and the rapid progress we have made to date.”
“We have a vision to utilise innovative clean cold and power technology to address global environmental challenges, while delivering economic returns for our shareholders and growth in the communities where we operate. With the support of all our investors I am confident that we can achieve and even exceed that goal.”
A global investor with an established presence in Europe, the US and Asia, along with expertise in the bio-medical, cyber technology and real estate sectors, Park Vale will work in partnership with Dearman, helping it to establish new markets for its technology, identify opportunities for growth and realise them.
Dearman is developing a broad portfolio of clean cold and power technologies, all of which harness the unique attributes of the liquid air-powered Dearman engine. The first application of Dearman technology is a zero-emission transport refrigeration unit, which offers a commercially attractive and operationally superior alternative to the polluting diesel powered units that keep refrigerated cargo cool on the road today.
Commercial trials of the Dearman zero-emission transport refrigeration system are due to begin in early 2016, with further international trials to follow later in the year.