Renewable energy provider Lumicity has successfully completed a management buyout, having secured new capital that it says will see it expand in the UK and into Europe.
It has attracted funding from RWE Supply & Trading, the owner of Npower, which will allow it to buy out original institutional shareholders Ludgate Environmental Fund and ESB Novus Modus, who first invested in Lumicity in 2010.
The firm was behind the installation of 248 biomass boilers on Bernard Matthews-owned farms, a project worth £25m.
Its business model offers equipment, installation and maintenance in return for the Renewable Heat Incentive payments, which are fixed for a boiler’s first 20 years.
It also has 75MW of solar power either in operation or being constructed.
Lumicity said the funding would see it expand its offering to the UK poultry sector, and that it would finance and construct “energy-efficient poultry houses, that incorporate biomass, solar PV, LED lighting, and rainwater harvesting and filtration systems”.
Tristan Fischer, Lumicity’s chief executive, said the business planned about £100m of development in the poultry sector over the next 12 months.
“The investment from RWE will allow Lumicity to help farmers become more energy efficient, which will not only reduce energy costs, but also reduce feed costs.”