Spiralite® ductwork delivers energy and cost savings in heating, ventilation and air conditioning installations, helping future-proof buildings
19th December 2014, London: Spiralite® ductwork, the technology which is transforming the installation of air conditioning systems in the building industry, is today announcing a £3.1 million funding round, led by venture capital investors Octopus Investments. The technology behind Spiralite® takes an organic, non-metal, pre-insulated material, which is formed into a duct for delivering heating, ventilation and air conditioning in domestic, commercial and industrial buildings.
Today’s funding represents the first institutional investment into Spiralite®, which has already provided their energy-saving technology to projects including Marks and Spencer in Stratford City and Guy’s and St Thomas’ Hospital near London Bridge.
The Spiralite® patented technology is up to 40% more energy efficient than traditional metal ducts due to its virtually airtight construction and efficient shapes. This funding will allow the team to continue developing the product and further build out the team at their factory in West Thurrock and their second office in Manchester.
Mel Ragnauth, Managing Director of Spiralite, said: “Change is afoot in the building industry. We believe there is a real opportunity in the ductwork market, which is crying out for a modern innovation to reduce embodied carbon and help lower energy bills across the economy. The market for the supply and installation of ductwork and insulation in the UK is estimated at around £700m per annum, and with this funding from Octopus, we’re excited to take on the challenge of bringing the Spiralite® ductwork technology to ever more projects.”
Jane Vinson, a member of the Ventures team at Octopus, said: “At Octopus we’re always looking for businesses with the capability to disrupt and dominate a market, and Spiralite are certainly looking to do just this in the insulation and ductwork industry. We’ve been impressed by Mel Ragnauth and his team, and are excited to support Spiralite as they take their business to the next level.”
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Spiralite® is an innovative and unique ductwork system fabricated using rigid phenolic insulation panels.
It is up to 86% lighter than traditional steel ductwork with insulation, significantly more energy efficient, fully sustainable and quicker to install. It also has significant cost benefits over traditional steel ducting, both on installation and whole-of-life. Installation time is reduced as only one fitter is required and once in operation the Spiralite® system produces energy savings of up to 40%.
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About Octopus Investments
Octopus is a venture capital investor who backs talented people with the potential to build big businesses. Our focus is on identifying entrepreneurs and fast growth companies that can scale explosively to create, transform or dominate an industry. The Ventures team has a proven track record of helping build exceptional global businesses, including Zoopla Property Group, Secret Escapes, SwiftKey, graze.com and YPlan.
The Ventures team is part of Octopus Investments, one of the UK’s leading investment management companies specialising in smaller company investing, with more than £4.7 billion of assets under management.
This press release is issued by Octopus Investments Limited which is authorised and regulated by the Financial Conduct Authority for use by journalists in their professional capacity and should not be relied upon by retail clients. The value of investments, and the income from them, may fall or rise. The information in this document should not be construed as offering investment or tax advice.