Angel fund targets 10 start-ups for IPO bid
A so-called 'super angel fund' which aims to bring 10 companies to an initial public offering by 2025 has announced its first major investment.
Lough Shore Investments in Belfast has given the cash injection to wind energy firm Simple Power, which focuses on generating power from single wind turbines.
A spokesman for Lough Shore, which was founded last year by ex-Wombat chief executive Danny Moore, would not confirm the sum of the investment but revealed it was considerable.
Earlier this month Mr Moore said he wanted to target renewable energy firms, though the fund recently invested in a technology start-up.
Simple Power, which was set up by planning consultant Paul Carson, wants to invest over £50m in Northern Ireland's wind energy market over the next five years.
Ultimately it hopes to help produce more than 50MW of wind energy every year by 2015.
Danny Moore said the venture "ticked all the right boxes" for Lough Shore Investments.
"We want to invest in high potential management teams and partner with them to build great businesses.
"As a first investment, Simple Power could not fit those criteria better. Their management team is second to none, boasting individuals with a proven track record of success both here and abroad
"Their innovative solution is scalable, making it possible to deploy right across the UK, Ireland and mainland Europe. It possesses all the ingredients required to be a great business."
Mr Moore added that Lough Shore would aim to help develop energy possibilities in off-shore wind, biomass and hydro power.
Paul Carson, chief executive of Simple Power, said its business model was built on "dealing openly, honestly and fairly with landowners and farmers".
"They're integral to our business model and we have no doubt this unique approach will make Simple Power the primary renewable energy source in Northern Ireland in the years to come.
"We're delighted to partner with Lough Shore Investments.
"Simple Power is setting out on a journey to harness the vast renewable energy potential that exists in Northern Ireland."
As chief executive of financial software business Wombat, Mr Moore rang the opening bell of the New York Stock Exchange when the firm was bought by NYSE Euronext.