ESB Novusmodus, a €200m ($270m) corporate venturing fund started by Ireland-based utility ESB, has agreed its fifth deal by investing £4.5m ($7m) in Bioflame, a developer of small-scale electrical generation plants.
Bioflame turns biomass waste, such as wood, into energy. More than six million tonnes of waste wood are landfilled each year in the UK and Ireland.
Victor Buchanan, chief executive of Bioflame, said: "The combination of the project finance expertise of Novusmodus and the engineering experience of ESB makes ESB Novusmodus a unique partner."
Bioflame sites its generators next to recycling facilities and has 17 sites with planning permission.
Altium advised Bioflame.
ESB Novusmodus’ other Anglo-Irish deals are Nualight, a supplier of energy efficient lighting systems for retailers, Airvolution, a developer of UK onshore wind farms, InTune Networks, a developer of fast tuneable laser technology, and SELC, a manufacturer of energy-efficient control systems for outdoor lighting.