Penelope Garden, FSP’s Head of Private Equity and Venture Capital has advised the South West Investment Fund acting by its manager The FSE Group on its £1 million investment in Luthmore. The investment formed part of Luthmore’s £5.5 million oversubscribed funding round, supporting the company’s transition from product development into commercial rollout.
Luthmore has developed a first-of-its-kind zero-emission electric combi boiler designed as a direct replacement for traditional gas combi boilers. The company’s technology is aimed at supporting the decarbonisation of domestic heating by providing homeowners, developers, councils and housing providers with a practical alternative to gas heating as the UK moves towards the implementation of the Future Homes Standard in 2026.
The funding will enable Luthmore to expand its team, scale production and accelerate market entry at a time when demand for low-carbon heating technologies continues to increase.
Ralph Singleton, Head of Equity South West at The FSE Group, said: “We’re delighted to back a team with exceptional product pedigree as they scale a category defining British technology.”
