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Par Equity investment puts wind in the sails of leading-edge aircon technology firm

Par Equity has announced a multi-million pound investment in Artus, the designer and supplier of innovative HVAC (Heating, Ventilation and Air Conditioning) solutions.

Artus’ ground-breaking HVAC system represents a step forward over existing solutions, the technology for which has remained largely unchanged for the past thirty years. It not only transforms the way buildings are cooled and heated but will also significantly reduce the amount of energy consumed and carbon generated.

Artus’ improved energy performance, compared to a traditional Fan Coil unit (FCU), delivers a reduction of up to 89% on associated fan input power*.

Using Artus Optima, Artus’ partnering control system, the technology could deliver all a building’s HVAC Net Zero carbon reduction target** and reduce its regulated energy and total energy by 21% and 14% respectively***. These figures are based on trial use of Artus Optima conducted in a 10,000m2 model office.

Artus is delivered as a single component, which negates the need for the usual secondary ducts and diffusers and significantly reduces installation time.

The new investment from Par Equity will be used to build awareness of Artus, develop the product portfolio and to grow the business globally. Developers typically buy hundreds of units for a new office, education or healthcare building and the addressable market is £1.6bn in Europe, plus a further £1.2bn in the USA. Artus units are already installed in a number of high-profile buildings, including the Centurion Lounge at Heathrow T3. Artus has offices in London and Edinburgh and plans to grow its customer-facing team to 13 over the next year.

Artus was developed by Roger Olsen (CTO of Artus) within the venture arm of Arup, a firm of specialists working across every aspect of today’s built environment. Arup Ventures develops and commercialises ideas that have transformative impact on the built environment. Following the investment from Par, Artus will become a standalone entity but Arup will remain a significant shareholder. Artus is protected by two global patents.

Paul Munn, Managing Partner at Par Equity said, “Artus brings a step-change to the HVAC industry, which has traditionally lacked new and innovative technologies. Its energy efficient design helps buildings reach their Net Zero carbon target and the units work alongside existing infrastructure, offering flexible, low energy performance at no cost premium. These advantages make it easy for mechanical engineers to specify Artus and convinces us that it will be a market leader.”

Rebecca Stewart, CEO of Artus said, “The Artus cooling and heating system marks a major advance in air conditioning by combining the flexibility of a fan coil unit with the low energy of a chilled beam. The system has been developed and perfected over several years, and our early

customers have been impressed by the quality of the air flow delivered by the units, the carbon savings they offer and their compact design. Par Equity’s track record in helping high-growth, technology-based businesses succeed makes them the right partner for Artus as we move into a phase of rapid expansion.”

Roger Olsen, Chief Technology Officer at Artus said, “Artus came from a desire to have a ‘better tool for the job’ – a low energy, widely applicable HVAC system, which is easy to design, install and run. By employing advancements in mechanical and electrical technology, we have managed to create a product that is not only more compact and aesthetically pleasing but also offers more comfort, is quieter in use, and draught free with high precision temperature controls.”

Ian Rogers, Global Ventures Lead for Arup said, “We are immensely proud of our Ventures programme, which uses the ingenuity of Arup members to create new innovations and bring them to market. Artus was developed following our first call for ideas and is a fantastic example of Arup embracing new business models. We’re delighted to have worked with Par Equity to bring about this investment and look forward to seeing Artus continue to grow as a standalone business.”


*Comparing a fan input power of 29.07W for a ‘best in class’ fan coil unit with a specific fan power of 0.19W/l/s, to a fan input power of 3.19W for Artus delivering the same cooling at a specific fan power of 0.055W/l/s.

**Referencing the UK Green Building Council’s ‘Paris Proof’ 60% energy demand reduction target for buildings to meet Net Zero, Artus can achieve a 63% reduction in heating, cooling and terminal unit energy use. Calculated on a Part L DSM analysis of a 10,000m2 model office with Artus Optima and with a baseline fan coil unit system compliant with Building Regulations Part L.

***Calculated on a Part L DSM analysis of a 10,000m2 ‘model’ office with Artus and with a baseline fan coil unit system compliant with Building Regulations Part L. Figures are indicative and for each project where Artus is envisaged, energy modelling should be carried out on the actual building design by a qualified engineer.

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