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The Coalfields Enterprise Fund, the venture capital fund managed by Enterprise Ventures on behalf of the Department for Communities and Local Government, has completed an investment in Thermilate Europe Limited.

23/08/2007

Thermilate Europe Limited is the worldwide distributor, with the exception of North America, of an iinsulating paint composite marketed under the Thermilate brand name.

The product, which uses technologies developed by NASA for the US Space Shuttle Programme, is proven to reduce energy costs through its insulating propoerties, as demonstrated by extensive testing and numerous accreditations, including Energy Star Partner, the worldwide accreditation body for energy saving products and ISO 9002.

The product is highly effective in both internal and external applications and can be used anywhere paint and coatings can be applied. It therefore has a wide potential market and a variety of applications in all geographies and climates, currently inclusing storage tanks, gas holders, hotels, houses, offices, warehouses and refrigeration containers.

The Fund's investment of £250,000 will be used by the company to relocate its operations into an eligible coalfields ward in Yorkshire and to expand its current sales force and associated upport staff, to enable full distribution and marketing to global distribution markets, as well as providing ongoing working capital requirements.

Wayne Thomas, Investment Director for the Coalfields Enterprise Fund at EV, said, "We were attracted to this business by both the quality of its management team and the market opportunity open to it. The business has a basket of products, including the insulating paint, which seeks to improve the energy efficiency of buildings. We look forward to working with the team to help develop this exciting opportunity".

Mohammed Ashfaq, Managing Director of Thermilate Europe, commented, "The investment from the Coalfields Enterprise Fund is a great boost for our company. We can now capture a bigger market slice at a much faster pace than organic growth would have allowed".