The company specialises in voltage optimisation and offers separate ranges for domestic use, the SME sector and large industrial and commercial applications. Dr Cable was impressed with a demonstration of energy saving using a hairdryer connected to GW Energy’s Eco-Max-Home single phase voltage optimisation unit.
He said, ‘These products are impressive and can achieve significant energy savings. They will be useful to many people.’
Dr Cable also heard about GW Energy’s innovative approach to raise finance in order to grow. It had faced prohibitive terms from high street lenders, so turned to Funding Circle, a peer-to-peer lender backed by the government’s British Business Bank, which quickly offered the company an unsecured loan of £50,000 at seven per cent interest rate.
The loan enabled GW Energy to expand its product range and invest in marketing at trade shows. Additionally it was able to hire three new sales staff. A move to new premises and the addition of two more employees are planned. Turnover has grown 100 per cent in the last year.
Dr Cable added, ‘It is good to see a successful small business expanding and taking advantage of new sources of finance.’