Climate tech company IPG has reached its £1 million target investment through a crowdfunding campaign on Seedrs.
IPG, which is now entering overfunding, is delivering a clean-and-green replacement for the diesel generator for difficult-to-decarbonise industries such as construction and mining, as well as new markets such as EV charging and future grids.
The funds already secured will enable IPG to deliver the first round of demonstration trials of its minimal viable product with its growing list of early adopter customers in construction and mining.
With greater funding, IPG plans to deploy longer trials with a wider net of its engaged customers, building greater confidence and demand for its product and unlocking its future order book sooner.
Diesel generators are the dirty secret of the energy transition. They accounted for 53% of the distributed power market in 2019 and, despite the progress we continue to make with wind, solar and battery storage, their market value is set to almost double to $30bn by 2030.
The IPG Flameless Generator is patented flameless combustion technology delivering pollutant-free power from any renewable fuel while allowing for the security of a conventional fuel backup should supplies fail.
This will provide valuable energy security for businesses by de-risking the switch to hydrogen and biofuels, enabling them to finally end reliance on diesel.
Following a £1m prototype project with National Highways and Cranfield University, the next step in the commercialisation of the IPG Flameless Generator is to prove its reliability and longevity, to give customers the confidence to deploy it at scale within their business.
“Wind, solar and battery storage will and should form the backbone of our net-zero energy system,” said Toby Gill, CEO.
“Nonetheless, clean, fuel-based power will continue to play an incredibly important role in delivering energy to grid-independent applications, as well as balancing the intermittency of a renewables-based grid.
“This role is increasingly glossed over in the discussion of how we build our energy future.
“Building on the commitments from our network of angel investors through the Seedrs crowdfunding campaign has not only allowed us to rapidly reach our funding target, and move into oversubscription, but also raise greater awareness of the value of our climate change solution.
“In just 10 days, we have welcomed 291 investors onboard our mission to replace the diesel generator, and received significant new interest in our product from future customers.
“I am pleased to open our funding round to oversubscription as we look to widen the scope of our demonstration trials and help an increasing number of these customers ditch their diesel generators.”
For further details and to get involved with the crowdfund campaign, please visit Seedrs.