Scaleup boost for renewable energy firm after £50k investment

A County Durham company has boosted its scaleup plans by moving into larger premises thanks to a £50k investment from regional business finance specialist NEL Fund Managers.

Renewable energy consultancy firm Electek Solutions (ESL) has used the investment from the North East Small Loan Fund, supported by The European Regional Development Fund, to transform a previously derelict space into a larger premises for its growing workforce.

ESL founder David Hutchinson said: “We’ve been able to take advantage of the move towards greater commercial use of renewable energy solutions over the last few years and have grown quickly as a result.

“Having outgrown our previous offices, we really needed to find bigger and better premises that would give us the room we needed to keep expanding, and we’re already feeling the benefit of having more room in which to work.

Situated in Hobson Industrial Estate near Burnopfield, the 6,000 sq ft office and factory space has been renovated to accommodate the firm’s growing team and progress its scaleup plans.

ESL plans to build on its existing overseas business as well as domestic growth, following its work on a solar farm and battery storage facility close to Marrakech in Morocco, which is due to come online later this year.

The funding has also allowed the firm to improve existing operations. David added: “As well as providing the capital we needed, the investment application process gave us the chance to review and enhance our own management and financial systems, and we’ve been able to make a number of improvements as a result.”