CCC backs NEURA with €8m

Investing via Climate Change Capital Private Equity Fund, which closed on €200m in 2007, CCC secured a minority stake in a company whose heat pumps are claimed to offer 15-20% greater efficiency than their nearest rivals. Following its research into this market, CCC believes that NEURA's pump is also the only smart-grid enabled operating system currently available.

This series-A funding will help NEURA to promote its products and further realise its objective of becoming a leading high performance heat pump manufacturer in Europe. The management team has retained the remaining share capital.

CCC was introduced to the business by a corporate finance adviser at Thames Advisory. Half of the €8m injected took the form of a convertible note.

Company
Regau-based NEURA is a major Austrian manufacturer of smart-grid-enabled high performance heat pumps for both residential and commercial properties. It was founded in 1979 and employs 70 people.

The company generated a turnover of €7m in 2010, a figure it expects to double in 2011.

People
Founding partner Bruno Derungs led the deal on behalf of CPE and joins the company's board.

Hannes Jakob is the CEO of NEURA.

Advisers
Equity – KPMG, Waniek Fritz (Financial due diligence and tax); Kaufmann & Thurnher Rechtsanwälte, Viktor Thurnher (Legal due diligence).
Management – Thames Advisory, Roland Wenidoppler (Corporate finance).

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• Topics
• DACH
• Expansion
• Technology
• Climate Change Capital
• Austria