The funding round was backed by climate change focused investors including OnePlanetCapital.
"We are delighted to support Terrafend in this raise. It is a really environmentally impactful business with an impressive pipeline of global corporate customers"
OnePlanetCapital led the pre Series A round with participation from L-Stone Capital, Brookstreet Equity Partners, Deeptech Labs, TSP Ventures and Metavallon VC to fund overseas growth and team expansion.
"We are thrilled to announce this latest round of funding. Not only will the new investment help us grow worldwide, it will also enhance our product offering and further develop and expand our existing products."
The investment from the OnePlanetCapital Climate Change EIS Fund will support international expansion and product development.
"Impact is at the core of what we do at AirEx: to help the decarbonisation of homes and eliminate Fuel Poverty. With the help of this investment and business support we are well positioned to execute our vision – to become a ‘no brainer’ solution for social landlords and homeowners looking to reduce energy consumption in a non-disruptive way. We are truly excited to have the support of such like-minded, mission driven investors."
The follow-on funding round was led by OnePlanetCapital to support operational expansion and the rollout of the RAD 40 electric drive.
"RAD Propulsion is building momentum quickly with sought after products. The industry buy-in is snowballing and with an experienced team at the helm in Dan Hook and Richard Daltry the business is on an upward trajectory that we are thrilled to be part of"