Green innovator Artus Air secures significant investment to drive next phase of growth

Artus designs and sells game-changing HVAC (Heating, Ventilation and Air Conditioning) units for buildings, with its innovative, elegant design significantly reducing carbon emissions both by using fewer materials and being more efficient to operate.

Spun out of global sustainable development consultancy Arup in 2021, the company has offices in Edinburgh and London, serving an HVAC market estimated to be worth over $100bn globally.

There are already several thousand Artus units deployed, including significant installations at a number of landmark new build and refurbished building developments in cities across the UK and Europe.

With Deloitte estimating that 80%* of London’s offices need upgrading to meet future energy efficiency standards, and 6% of the UK’s emissions coming from heating and cooling commercial and public buildings, Artus can play a key role in retrofitting more carbon efficient HVAC systems.

The investment will enable the company to rapidly scale its sales function, expand its product range and establish new international export partnerships, ultimately allowing Artus to deliver its transformational product to more clients.

The wider HVAC sector is highly acquisitive as increasingly stringent regulatory requirements drive urgent technical innovation. Artus is one such innovator, and its climate efficient technology achieves more than 80% fan energy savings compared to other fan coil units.

Rebecca Stewart, CEO of Artus Air, said: “This investment marks a transformative moment in Artus Air’s growth journey. Our track record of delivery shows why we are the future of air conditioning – our solution delivers significant carbon savings, is demonstrably faster to install and is easier to maintain. It also has the added benefit of being super compact, meaning that sometimes it’s the only solution to the upgrade of tricky spaces.

“BGF’s investment alongside the continuing support of Par Equity is warmly welcomed as we expand our offering into high potential markets in Europe and the US. We look forward to reducing our impact on the environment and setting new standards within the industry.”

Dennis Atkinson, Investor at BGF, said: “Artus Air is pioneering and delivering energy efficient climate control technology that can make a real difference at a time when building emissions are under close scrutiny. We are pleased that our investment, as part of the wider fundraise, will help scale up the company’s sales function and expand within this opportunity-rich sector. A combination of rising demand, a strong management team and evolving efficiency requirements means Artus Air is perfectly placed to drive the green revolution in heating and cooling technologies.”

Paul Munn, Managing Partner at Par Equity, said: “Artus Air is leading the charge in the air conditioning technology space, which is evident from its energy saving credentials to date. Its commitment to innovating and retrofitting units that are functionally advanced, smart and sustainable sets them apart, and it’s great to see it already being implemented in well-known buildings across the UK. This is why at Par Equity, we are delighted to play a part in its investment journey. Having initially invested in 2021, we’re thrilled to continue our support in this round, enabling Artus Air to take the next step and expand its offering to more buildings across the UK and beyond.”  

-ENDS-

About Artus Air

·    Artus Air Ltd provides a revolutionary system to heat and cool buildings, significantly reducing the amount of energy consumed and the amount of carbon emitted.

·   The Artus solution is an elegantly designed air conditioning unit, containing six key components within: fan, coil, filters, control values, condensate pump and BMS controller.

·   Artus Air was developed by Roger Olsen (CTO of Artus Air) and was formally spun out of Arup as a standalone entity in 2021[RW1] , enabled by a £3 million investment from Par Equity.

·   Website: https://artusair.com/

·   Social media: @Artus

About BGF

·    BGF was set up in 2011 and has invested over £3.5bn in more than 550 companies, making it the most active growth capital investor in the UK and Ireland. 

·   BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs.

·   BGF is one of the most active investors in the field of climate tech having backed 28 climate and sustainability-focused companies, providing almost £200 million to support businesses tackling issues such as decarbonisation, resource efficiency, and environmental improvement.

·   BGF invests in growing businesses in the UK and Ireland through its network of 15 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2020, Australia did the same, both based on BGF’s approach and funding model. 

·   Website: http://www.bgf.co.uk/

·   Social media: @BGFinvestments

About Par Equity

• Par Equity is a leading venture capital firm, based in Edinburgh, investing in innovative technology companies with high growth potential, in the North of the UK
• Since it was founded in 2008, Par Equity has invested over £160m across 77 companies, leveraging a further £268m of capital from third party investors. 
• Par Equity’s investment thesis is to combine the professionalism and rigour of a venture capital manager with the skills and expertise of a broad base of individual investors who can add value throughout the investment life cycle. This investment approach has produced strong and consistent returns across 30 realisations to date. 

*London Office Crane Survey Summer 2023 | Deloitte UK

**Heat and buildings strategy - GOV.UK (www.gov.uk)