Tees Valley energy firm to create new jobs with £750k loan
A Tees Valley energy firm has secured a £750k loan to create jobs and open a new location.
Cenergist, which provides energy and water services, received the loan NPIF - FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment Fund.
The funding will be used to launch new revenue streams, scale-up, deliver new contracts, create eight new roles and open a call centre in Billingham.
The investment is the fourth FW Capital has made into Cenergist and brings the total amount of funding to £1.85m.
Mitesh Dhanak, Cenergist’s managing director, commented: “Our fantastic partnership with FW Capital has stood the test of time.
“From the first investment they made into Cenergist in 2015, to the most recent £750k funding, FW Capital have truly understood our business and helped us to reach our ambitions and generate significant turnover.”
Keith Charlton, senior investment executive at FW Capital, said: “This latest follow-on investment makes this the largest amount we have ever invested in any single company from the Northern Powerhouse Investment Fund and North East Growth Plus Fund.
“The fact that it is our fourth investment into Cenergist demonstrates our commitment to supporting businesses in real long-term working partnerships.
“Cenergist has now received £1.85m in funding from FW Capital, which has helped the company grow from 5 to 45 people worldwide in 2019.
“The impact of this most recent round of funding will be huge.
“Not only are we creating new jobs, but we will be helping Cenergist to open up lucrative new revenue opportunities, which will protect employment and allow the company to continue to grow.
“This is a perfect example of the power of the NPIF to generate inward investment into Teesside.”
Mark Wilcockson, senior manager at British Business Bank, added: “Since its launch in 2017, NPIF’s impact on businesses has been wide-ranging, providing funding to launch new products, employ new staff, enter new markets and acquire new facilities.
“It’s great to see that this most recent follow-on funding for Cenergist is really making a difference to the local community, providing jobs for Teeside and allowing the company to grow even further.”
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