As the opportunities for EIS investing in alternative energy fade into the sunset, Mackinnon are shortly to close their X-Wind offering.
Mackinnon’s £2 million offering for its X-Wind project, which has been open since January, will be closing the fund’s doors on 31st March ahead of the new regulations on EIS eligibility for renewable energy.
Established in 1997 by Iain Mackinnon, the company specialises in Corporate Finance Advisory, Wealth Management and merchant banking with particular expertise in the renewable energy and health sectors.
X-Wind, says Mackinnon, has developed a ground-breaking Vertical Axis Wind Turbine aimed at the medium scale renewable energy sector. The team has drawn on its extensive experience gained developing the world’s largest wind turbines at Vestas. Since its launch in 2012 X-Wind’s core patented technology has won five high-profile technology awards.
X-Wind’s visible sales pipeline, according to Mackinnon’s, exceeds £40 million, and the company is also securing commercial commitments for its 80kW turbines from customers in need to secure energy pricing and supply.
X-Wind has secured a partnership with the UK’s largest electricity user. To date X-Wind has raised £1.7 million in grants and £0.3M of equity. X-Wind currently requires £2.0M of equity funding to complete the production of their first full-scale 80kW turbine.
Mackinnons is also operating with portfolio company Peto Limited, a marketplace for the Public Sector, in respect of an offering in respect of Barts Health. Peto was appointed in September 2014 to support the Trust in the delivery of savings from the off-contract spend of around £38 million per year. Three months into service delivery, the company was able to report that the Peto team were achieving 12% realised savings against a target of 4% on prior spend.
This is a strong result, says Mackinnon’s, and reinforced by huge opportunity to increase the scope of the throughput which has been lower than forecast to date. “We are thrilled with the results we are achieving at Barts,” says Peto Chief Executive Julian Trent, “ and we look forward to collaborating with the team to achieve even greater savings in the future.”
Active in over 200 NHS trusts, Peto connects public sector buyers and private sector sellers via an easy-to-use online marketplace, and where necessary, with additional resources to reduce spend via its insourcing procurement service.
Further details from [email protected].