Luthmore, the engineering firm behind its battery-powered zero-emissions boiler, has closed a £5 million funding round from existing investors. The money comes from investors including The FSE Group and the South West Investment Fund (SWIF), which continue to back the company's mission to decarbonise UK homes.
Luthmore has also joined the Innovate UK funded Scale Up Support Programme for Transport and Construction, run by Connected Places Catapult (CPC), the UK's innovation accelerator for transport, construction and infrastructure. It is one of five UK businesses selected. Over six months, CPC's experts and network of specialists will give it bespoke support shaped around its priorities, covering investment readiness, leadership coaching, team structuring, growth planning and sales, along with direct introductions to investors.
The support comes as Luthmore rolls out the Luthmore One, its flagship battery-enabled electric combi boiler, to consumers. The boiler has passed its SAP assessment and has a Technical Note from the Building Research Establishment (BRE), and installers can learn to fit it through Luthmore's own training programme. It has a recommended retail price of £4,950 plus VAT and a five-year guarantee. Bath MP Wera Hobhouse, a long-term supporter, recently introduced the product to Energy Secretary Miatta Fahnbulleh, and the company hopes this will help adoption in homes where other clean heat options, such as heat pumps, are unsuitable.
Luthmore is based in Chippenham, Wiltshire, and was founded in 2022 by Dyson alumni Craig Wilkinson and Martin Gutkowski. To drive sales, it is building out its commercial team, including new Chief Financial Officer Marcus Quarterman, who was most recently Financial Director at Prolectric and has also held commercial roles at Dyson and PwC. The company is also looking to expand its office space in Chippenham.
Luthmore is a great example of the innovative businesses we want to support in the South West. The team has made significant progress in developing its technology and is now entering an important stage as it looks to build commercial momentum and bring the Luthmore One to more UK homes. We’re pleased to continue our support and to be part of the company’s next phase of growth.
Through the scale-up programme, we'll help founders with direct introductions to investors for access to capital. We’ll also connect them with growth specialists who can help them tackle the challenges that often hold businesses back from scaling. Over the next six months, we'll work closely with each company to strengthen their growth plans, open up new opportunities and help accelerate their path to market.
Luthmore is growing quickly, and we are grateful to both our long-term investors, and new partners, for their faith in the product, and the business. It’s so encouraging that our technology is being recognised at every level – from investors, business innovation groups, technical accreditors, installers, specifiers, and now, within government. This is a truly exciting chapter in Luthmore’s story, and we are building a strong commercial team to support this next stage – recognition from consumers, and adoption of the Luthmore One into UK homes.
Part of my role at Luthmore will be ensuring these most recent funds are optimally allocated, to drive commercial success and encourage further investment that will accelerate our scale up.
