Backing to the tune of £16 million ($24 million) from Park Vale Capital will allow UK-based cooling technology firm Dearman to bring the first application of its technology to market, it says in a statement.
It will also enable Dearman to establish initial UK-based manufacturing activity while continuing to invest in R&D and demonstration of its core technology and subsequent applications.
Harnessing the attributes of the liquid air-powered Dearman engine, the first application of Dearman technology is a zero-emission transport refrigeration unit. Commercial trials of the Dearman zero-emission transport refrigeration system are due to begin in early 2016, with further international trials to follow later in the year.
Park Vale will work in partnership with Dearman, helping it to establish new markets for its technology, for example.
Toby Peters, Chief Executive of Dearman said: ‘We have a vision to utilise innovative clean cold and power technology to address global environmental challenges, while delivering economic returns for our shareholders and growth in the communities where we operate.’