Member Article

Funding takes firm from land to sea

A growing Northumberland low carbon vehicle technology business is diversifying its reach from land to water after winning funding from angel investors.

Hyperdrive Innovation, which develops equipment to maximise the efficiency of low carbon vehicles, has secured a third round of funding from the Finance for Business North East Angel Fund for its new marine division.

The Cramlington-based engineering firm is aiming to adapt its current energy storage, power generation and management systems for subsea research and exploration equipment, which will also be suitable for use on surface vessels.

Hyperdrive’s expansion also includes job creation. It has recruited diesel and marine propulsion specialist Robin Shaw to join the team and plans to take on two graduates from local universities.

Rivers Capital, which manages the North East Angel Fund, provided an undisclosed amount to Hyperdrive to fund the marine division, and said the company’s experienced and “highly committed” management team had been key in its ability to secure funding.

Stephen Irish, Hyperdrive managing director, said: “I am delighted that Rivers Capital spotted the potential in Hyperdrive.

“They offered essential financial and management support and their talent in implementation has allowed me to bring together new international applications.”

Rivers Capital investment executive. Nikita Bazko, said: “We are proud to facilitate Hyperdrive’s expansion into new markets and will continue to work closely with the management team to bring these innovative ideas to life.”

In addition to North East Angel Fund investments, Hyperdrive has also received support from the Technology Strategy Board and the Regional Growth Fund supported Collaborative Projects Fund.

It concentrates on developing equipment that reduce fuel and energy consumption for green vehicle developers in the UK and overseas.

The business is a member of Newcastle University’s Transport Operations Research Group (TORG), which collaborates with low-carbon vehicle innovators including Nissan and Liberty Electric Cars.

This was posted in Bdaily's Members' News section by Karen Dent .