Hedge fund boss and former Conservative party treasurer Lord Stanley Fink has made a £3m investment in energy-efficient homes and schools builder Project Etopia.
The company produces turnkey buildings to its own Energy+ passive design standard, combining affordability, renewable energy generation and intelligent heating and cooling systems.
The funding from Lord Fink, who is chairman of investment manager ISAM Europe and a director of property investment firm British Pearl, will help the company scale up its operations and market share over the next two years.
Project Etopia’s houses all incorporate smart technology, mechanical ventilation, heat recovery, air purification, daylight mimicry lighting, and solar power as standard.
The Cambridge-based company was founded in 2015 by entrepreneur Joseph Daniels. It manufactures its turnkey systems in Tiverton, Devon, and since inception has formed partnerships with Daikin and Mitie.
It takes Project Etopia four weeks to construct a new home from start to finish using its panel building system.
The company has just completed a a turnkey smart school system with Mitie at Brightlingsea in Essex. The development incorporates its panel system alongside Daikin heating and ventilation plus key technologies applied to its residential model such as energy storage, energy generation, daylight mimicry lighting, wireless audio and intelligent building controls.
Lord Fink said: “My affection for UK property investments is no secret and, given the current state of the housing crisis, I see a brighter future for first-time buyers if they are able to buy high-quality turnkey houses that offer technology that is relatively rare even in modern new-build developments.
“Project Etopia is a novel, credible, affordable and environmentally friendly way to provide starter homes for young people. Short build times, truly desirable houses and a broken housing market are three good reasons why Project Etopia has a colossal opportunity to deliver a lasting social impact.
“Generations of Britons are frankly desperate to get onto the housing ladder and I’m convinced these types of developments are going to play a central role in making that dream a reality for millions.”
Joseph Daniels, CEO of Project Etopia, said: “I feel so passionately about this business because so many young people are being forced to accept that it’s unlikely they will ever own their own home.
“Traditionally, affordable housing has gone hand-in-hand with low quality housing. We are going to be burying that preconception with homes that are truly ‘des res’ for aspiring professionals and families.
“We’re going to lead the way in providing state-of-the-art housing for a reasonable price tag, while continuing to develop our technology to make each project superior by design and with ever shorter build times.”
