Member Article

Northern Powerhouse Investment Fund drives job growth at Teesside engineering firm

Teesside-based engineering firm ENEX Group is creating 16 new jobs in the region, following a £250k investment from the Northern Powerhouse Investment Fund.

The deal, fund’s first in the Teesside area, was launched earlier this year with support from the Tees Valley Combined Authority.

Teesside-based ENEX designs, manufactures and supplies Mechanical Safety Interlocks and Process Safety Systems to the oil and gas industry.

It has recently completed the development of a ‘Patent Pending’ ENEX i-LOCK product range with leading-edge safety features, providing a greater level of safety and reliability to other available mechanical interlocks.

As well as helping to grow the company’s headcount, the investment will help the business formally launch this new product to the market and expand in the region.

ENEX is also in the process of carrying out further developments on a series of other safety products to help clients overcome plant operational restrictions.

Wayne Hodgson, managing director at ENEX Group, added: “I am delighted to have completed a deal with Northern Powerhouse Investment Fund & FW Capital.

“After our initial internal investment of £1m during the R&D, design, testing and production set-up stages, we were introduced to the fund at a time when it was tricky to obtain traditional funding.

“We are now in a much stronger position with the £250,000 investment; providing working capital requirements to meet the demand from our global customers.

“We are constantly developing new products to ensure we continue to be a major game changer in the global Mechanical Safety Interlocking Industry whilst maintaining our commitment to using local North East suppliers.”

Grant Peggie, Director at British Business Bank, added: “This first Teesside investment represents a significant milestone for the Northern Powerhouse Investment Fund, and demonstrates our commitment to support growing businesses in the Tees Valley.

“ENEX is precisely the type of company that we sought to help finance when we launched the Northern Powerhouse Investment Fund in February. “

Paul Booth, chair of Tees Valley Local Enterprise Partnership and Tees Valley Combined Authority Cabinet Member, said:“This is fantastic news For ENEX Group and for the Tees Valley economy.

“This stream of funding can make a tangible difference to businesses, as is demonstrated by the growth in sales and job creation ENEX is expecting. I would encourage other companies to explore the opportunities the Northern Powerhouse Investment Fund offers.”