Dearman, a developer of technology that harnesses liquid air to deliver zero-emission power and cooling, has received a £16m funding boost from Park Vale Captial.
The new investment brings funding for the London-based company to £19.5m over the past 12 months and will be used to bring the first application of its technology – a zero-emission transport refrigeration unit – to market.
The funding will also enable Dearman to embark on UK-based manufacturing activities, penetrate international markets and continue with its R&D activities.
Toby Peters, chief executive of Dearman said: “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.”
Dearman is developing a broad portfolio of clean cold and power technologies, all of which harness the attributes of the liquid air-powered Dearman engine.
The first application of Dearman technology is a zero-emission transport refrigeration unit, which is claimed to offer a commercially attractive and operationally superior alternative to diesel powered units that keep refrigerated cargo cool.
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.
Subsequent applications of Dearman technology that are already under development include an auxiliary cold and power unit for buses and HGVs, a back up cold and power system for the built environment, and a waste-heat hybrid drive system for trucks and buses.