Modular house builder Project Etopia has confirmed a £19m investment billed as major endorsement of the form and the wider off-site construction industry.
The largest investment yet received by Project Etopia is coming from Reuben Brothers, leaders in private equity, real estate investment and development, and debt financing, and will enable Project Etopia to accelerate its rapid expansion plans, with further developments and global opportunities in the pipeline.
The £19m investment will enable Project Etopia to accelerate its rapid expansion plans, with further developments and global opportunities in the pipeline.
“Reuben Brothers’ significant investment in Project Etopia is a huge endorsement by an eminent investor of what we are doing and marks an enormous milestone in the company’s history,” said Project Etopia CEO Joseph Daniels.
“There is no place for poor-quality housing in the UK, and we are demonstrating that high-quality affordable housing can be built at great speed with a drastically smaller environmental footprint.
“With a growing pipeline of future projects, this latest investment will ensure we can take full advantage of the demand which exists for new homes that use the latest offsite techniques.”
A spokesperson for Reuben Brothers acknowledged the “enormous ambition” of Project Etopia as “the day when offsite construction arrives as a mainstream method within house building is drawing ever closer”.
Project Etopia specialises in modular homes that combine energy-efficient passive design, affordability, rapid construction, renewable energy generation and storage, as well as intelligent heating and cooling systems.
A panelised build system means the amount of time spent on site and during the construction phase is lowered significantly.
The first major Project Etopia development – a 47-unit residential scheme in Corby, Northamptonshire – has been chosen as one of five ‘Building for 2050’ research projects funded by the Department for Business, Energy, and Industrial Strategy, and is pitched as a model of how communities of the future can be developed quicker and more affordably.
The company has passed a number of key milestones this year, including the opening of a new factory in Ellesmere Port, Cheshire, with a capacity to produce 2,000 panelised homes per year