A company behind a revolutionary device that warms homes and reduces heating bills has secured new funding to invest in new stock and match demand from thousands of new customers.
The Radfan, created by Roland Glancy and Simon Barker, works by attaching to the top of a conventional radiator and distributing the warm air horizontally across a room, instead of letting it rise to the ceiling, making homes up to 2C (35F) hotter at a cost of around £2 a year in electricity, and current trials are showing that it can lower bills as rooms increase in heat without the need to turn up thermostats.
Glancy and Barker formed HeatwaveUK to manufacture and distribute their product, and the invention went into production from an assembly base in Byker, Newcastle, in March following support from Newcastle Science City, the Newcastle University Careers Service and Santander Bank.
With the help of previous investment from the Finance for Business North East Angel Fund, HeatwaveUK sold the first batch of 1,000 Radfans within a week.
Now awaiting new stock to build a fresh batch of Radfans, Heatwave UK has amassed a waiting list in the thousands from customers who have discovered the invention through the firm’s publicised website.
A further investment of £50,000 from the North East Angel Fund, managed by Rivers Capital Partners, will help Radfan gain the necessary accreditation to allow them to create new stock in September.
The investment also means the pair have been able to expand their workforce, taking on two full-time workers and up to four others on a temporary basis when production peaks.
The moves frees up Glancy and Barker to spend time approaching larger organisations including universities and housing associations, potentially bringing in large orders, and Radfan is also currently undergoing trials with a number of large energy companies.
There is also significant interest from other markets and energy saving schemes, such as the new ECO and Green Deal initiatives.
Glancy, director of HeatwaveUK, said “We are delighted that Rivers Capital is supporting growth and development of Radfan. It was our aspiration to bring warmth into all homes across the country and this has now become possible.
“We’ve got a very long waiting list which is great, and at the moment it’s individual customers who have found us through our website.
“It’s brilliant to get the product out there and to expand the team.”
Nikita Bazko, investment executive at Rivers Capital said: “We are glad that our talent and expertise allowed the company to gain the necessary momentum and now there is a unique product on the market, its main purpose of which it to benefit society.’’