An East Kilbride firm that has developed pioneering technology to harness the power of low-temperature “wet steam” has disclosed a £4.2 million funding injection that it believes will help it boost exports and double turnover next year.
Heliex Power said it had “solved an energy problem that has stumped academic and engineering minds for centuries” by coming up with an efficient way to generate electricity using the type of steam that can be seen when a kettle boils, is produced by many industrial processes, and is traditionally often lost as waste heat.
Founder Dan Wright said: “It’s the Holy Grail of energy recovery for manufacturers and it’s hugely environmentally friendly. With the Flying Scotsman relaunching earlier this year, this is a second golden age for Scottish steam.”
The company said fresh funding from shareholders BP Ventures and Greencoat Capital will aid the global roll-out of its technology, and it is “also taking on its first financial support from Scottish Enterprise’s investment arm, the Scottish Investment Bank, through the Scottish Venture Fund”.
Heliex said it aims to grow turnover from more than £3m this year to £6.5m next year.