Innasol is a British renewable energy subsidiary of an Austrian company that is involved in the sale and distribution of renewable heat systems to professional partners, companies and utility firms. It was established in 2010 by founding director Silvio Spiess, formerly chief executive of European energy efficient window manufacturer Internorm Group.
The biomass boilers and heating systems, next generation heat pumps, energy management systems and smart grid technology that Innasol distributes can be used in commercial and public buildings such as hotels, hospitals, offices, farms and schools. Innasol believes there are too many out of date and inefficient heating systems in the UK, so it will use the most up to date renewable heat technology to make buildings more efficient and environmentally friendly.
Innasol plans to sell over 650 heating systems this year, giving it a 14 per cent share of the UK biomass market. It also plans to double its network of 25 installation partners by early 2013 and expects to have a network of 450 partners over the next five years. It has a contract to supply advanced premium biomass boilers to energy services company Anesco and an agreement with British Gas to supply up to 600 heat pumps to households in the North East and Yorkshire.
This EIS could provide a timely investment considering that high and volatile fossil fuel prices, government incentives and growing awareness of climate change may drive growth in the renewable heat market.
However, risk is concentrated through a single unquoted company, unlike EIS funds that offer diversity through several companies. Potential investors who can meet the higher than average minimum investment must indicate that they want to invest under the EIS structure, otherwise they will be allotted shares without the tax advantages.