Insider Media, May 2014
Northstar Ventures, which manages the £15m Finance for Business North East Proof of Concept Fund and the £25m Finance for Business North East Accelerator Fund, said it tended to attract investment from businesses developing “established” technologies.
However, a spate of new green technology group’s has led to a surge in investment.
Alasdair Greig, of Northstar Ventures, said: “Entrepreneurship takes many forms and the region has spawned a number of environmental businesses which, with investment, could have far reaching commercial influence.”
Hexham-based wind turbine and solar power installer Hadrian Electrical Engineering and Cramlington’s biomass boiler group The Wood Heating Company were among the businesses to secure capital.
They each received £100,000 Proof of Concept Fund and £375,000 from the Accelerator Fund respectively, while energy management company SenseLogix, which has a base in Durham, received an accelerator investment of £477,000.