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The Coalfields Enterprise Fund, the venture capital fund managed by Enterprise Ventures on behalf of the Department of Communities and Local Government, has completed a further investment in H2O Networks Limited

06/06/2007

H2O Networks has pioneered and developed a unique concept, the FS Focus System, to deploy fibre optical cable in the UK's waste water network. The company's cost effective and environmentally friendly method allows health, education and manufacturing organisations to set up secure IT and telecom networks, without the traffic disruption associated with traditional methods.

The Coalfields Enterprise Fund first invested in the company during late 2006 to finance the company's growth plans and this follow-on round of funding will support the company's ongoing development and the recruitment of sales and support staff.

Since the Fund first invested, H2O Networks has completed a number of successful installations of it scable system, including at Edinburgh's Napier University in partnership with Scottish Water and at Bournemouth Borough Council. The company is currently in talks with a number of poteential customers.

Wayne Thomas, Investment Director at Enterprise Ventures, said, "Since the Fund originally invested, the business has made significant commercial progress and is making major headway in both the public and private sectors. The further funding will allow the business to consolidate its position in these markets and recruit additional staff to drive the business forward. The business has attracted considerable interest from both the commercial and financial communities and discussions are underway regarding a potential stock market flotation of the business in early 2008".

Commenting on the investment, Elfed Thomas, Managing Director at H2O Networks, said, "The market dynamics are ideal for us as there is currently a huge lack of investment in infrastructure across the UK. We're looking forward to further developing our offering with the help of the Coalfields Enterprise Fund and are excited about the future".