Dulas secures £600k from HSBC UK to scale solar powered vaccine refrigeration
The funding package from HSBC UK will help the renewable energy startup bypass supply chain hurdles and accelerate vaccine delivery.
Dulas is a renewable energy startup based in Powys that develops solar powered refrigeration units for vaccines and offers commercial engineering and consulting services.
Dulas has secured £600k in funding from HSBC UK to scale up the production of its solar powered vaccine refrigerators. The capital will enable the Powys based renewable energy firm to secure bulk components in the face of ongoing global supply chain disruptions.
The investment arrives as international agencies step up immunisation drives in low income countries where vaccination rates remain low. The company plans to use the resources to ensure uninterrupted manufacturing and timely delivery of WHO accredited cold storage units to regions including Yemen, Sudan, and Cameroon.
Alongside production scaling, Dulas intends to expand its workforce by recruiting technical specialists, such as thermal and refrigeration engineers, to advance its research and development initiatives. The transaction reinforces an eleven year banking relationship between the company and HSBC UK.
From the founder
"The continued rollout of vaccination programmes across the globe are critical to our emergence from the pandemic, and to save lives. Our cold storage units provide WHO-accredited refrigeration for these vital vaccines, and this funding will allow us to navigate potential supply chain challenges to ensure delivery without delay."
Ruth Chapman
Managing Director at Dulas
Investor perspective
"Dulas is a stalwart of the Welsh and UK renewables industry, doing important work to help deliver shared net zero ambitions, and we’re proud to have been their banking partner for over a decade. The uninterrupted supply of Covid-19 vaccination fridges is instrumental to the successful rollout of the programme in low to middle income economies, so it’s great to be able to support Dulas in its important work."
Warren Lewis
Head of Corporate Banking Wales, HSBC UK
Use of funds
- 01Grow the team
- 02Fund research and development
- 03Scale operations