Member Article

CRESS Systems expands to Redcar's Wilton Centre

Energy Storage System developer CRESS Systems has announced it will move its headquarters to The Wilton Centre, Redcar, following a series of investment.

CRESS Systems has developed an energy recovery and storage system which reduces fuel consumption. The system is specifically designed for heavy industrial applications that require bursts of high power for short durations.

Investment has come from the Finance for Business North East Proof of Concept Fund, managed by Northstar Ventures, which has injected £100k alongside several angel investors.

The company has also received a £190k grant from the Department of Energy & Climate Change (DECC) Energy Entrepreneurs Fund.

Richard Bradshaw, CEO at CRESS Systems, said: “The Wilton Centre is the only location in the North East that offers office, laboratory and pilot plant facilities on one site.

“Relocating to these premises is a valuable opportunity and I’m confident Northstar’s investment will help us scale up quickly and further improve our business operations.”

Stephen Price, Investment Manager at Northstar Ventures, said, “We’re delighted to be backing CRESS Systems and helping to bring this exciting young company to Teesside. This investment will enable the company to demonstrate the viability of its solution in the field, thereby opening the door to successful commercialisation.”