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Octopus invests GBP3.1m into building material technology Spiralite

Spiralite ductwork has secured a GBP3.1 million funding round, led by venture capital investors Octopus Investments. 

The technology behind Spiralite takes an organic, non-metal, pre-insulated material, which is formed into a duct for delivering heating, ventilation and air conditioning in domestic, commercial and industrial buildings.

The funding represents the first institutional investment into Spiralite, which has already provided their energy-saving technology to projects including Marks and Spencer in Stratford City and Guy’s and St Thomas’ Hospital near London Bridge.

The Spiralite patented technology is up to 40% more energy efficient than traditional metal ducts due to its virtually airtight construction and efficient shapes. This funding will allow the team to continue developing the product and further build out the team at their factory in West Thurrock and their second office in Manchester.

Mel Ragnauth, Managing Director of Spiralite, says: “Change is afoot in the building industry. We believe there is a real opportunity in the ductwork market, which is crying out for a modern innovation to reduce embodied carbon and help lower energy bills across the economy. The market for the supply and installation of ductwork and insulation in the UK is estimated at around GBP700m per annum, and with this funding from Octopus, we’re excited to take on the challenge of bringing the Spiralite® ductwork technology to ever more projects.”

Jane Vinson, a member of the Ventures team at Octopus, says: “At Octopus we’re always looking for businesses with the capability to disrupt and dominate a market, and Spiralite are certainly looking to do just this in the insulation and ductwork industry. We’ve been impressed by Mel Ragnauth and his team, and are excited to support Spiralite as they take their business to the next level.”

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