Luthmore raises £5.5m in an oversubscribed funding round to scale commercial rollout of its electric boiler.
The oversubscribed financing round included a £1m investment from the South West Investment Fund.
Luthmore has engineered a zero-emission electric combi boiler intended to replace standard gas heating units. The technology supports domestic decarbonisation efforts ahead of upcoming building regulations.
Luthmore has secured £5.5m in an oversubscribed funding round to support its commercial rollout. The round included a £1m investment from the South West Investment Fund, managed by The FSE Group.
The company has developed a zero-emission electric combi boiler designed to substitute traditional gas boilers. The capital will be deployed to increase team size, scale manufacturing operations, and advance market entry.
The financing coincides with heightened demand for low-carbon domestic heating alternatives as the industry prepares for the introduction of the Future Homes Standard.
Investor perspective
"We’re delighted to back a team with exceptional product pedigree as they scale a category defining British technology."
Ralph Singleton
Head of Equity South West, The FSE Group
Use of funds
- 01Grow the team
- 02Continue product development
- 03Expand into international markets
- 04Invest in sales and marketing
