UK: Edinburgh-based venture capital company Par Equity has made a “multi-million-pound” investment in Artus Air, a company established earlier this year to market the Artus hybrid fan coil.
Artus Air was formed after Leeds-based Airedale International, which had been manufacturing and selling the Artus unit since 2018, decided not to renew its exclusive license with product owners Arup.
The product, which is said to combine the flexibility of a fan coil unit with the low energy of a chilled beam, was originally developed by Roger Olsen within Arup Ventures. Olsen now takes the role of chief technology officer within Artus Air. Rebecca Stewart, an industrial design engineer/product manager with more than 17 years as an Arup associate becomes CEO.
With Airedale’s decision not to renew its licence following “a strategic review” of its product portfolio and “future strategy”, manufacturing has been switched to the Stulz SpA factory in Verona, Italy.
Par Equity says the new investment will be used to build awareness of Artus, develop the product portfolio and to grow the business globally. With the investment, Artus will become a standalone entity but Arup will remain a significant shareholder.
Protected by two global patents, Artus is claimed to offer significant combined energy and carbon savings compared to a traditional fan coil unit. Artus claims to have achieved ultra-low energy consumption using 89% less energy than fan coil systems.
“Artus brings a step-change to the HVAC industry, which has traditionally lacked new and innovative technologies,” said Par Equity managing partner Paul Munn. “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.”