A Cornish marine renewables business has raised £2m to grow the company and buy a large cargo ship.
Penryn-headquartered Inyanga Marine Projects has secured an £800,000 equity investment backed by the Cornwall and Isles of Scilly Investment Fund (CIOSIF) and £1.25m in debt facilities.
The investment is being used to fund the expansion of the business, including the purchase of the Inyanga Entsha, a computer-controlled DP2 multi-purpose cargo vessel, that will be based out of Falmouth.
Inyanga has a growing team of 15 professionals and is involved in some of the most ambitious offshore green energy projects including St Brieuc Offshore Windfarm, Minesto’s Holyhead and Faroe Islands installations and France’s Sabella D10 tidal energy project.
The equity investment round was led by The FSE Group, the appointed fund manager of CIOSIF, with investors including CIOSIF, French company SerEnMar’s Ship As A Service (SAAS) and private investors. Debt facilities, in effect a promise of a loan, are being provided by Cyan Finance and Lombard.
Formed in 2017 by Richard Parkinson, Inyanga Marine Projects provides expert operations services and engineering design within the offshore renewable energy sector including tidal, offshore wind, wave and solar.
The sector is thriving as part of global moves towards a net zero carbon economy with Cornwall and the 海角视频 particularly active. Climate Change and creating a greener future is at the top of the agenda for this week’s G7 summit in Cornwall.
Hervé Allaire of SAAS will now be joining Inyanga’s company board as the two businesses embark on a closer partnership leveraging their complementary offerings. Martin Macey led the investment on behalf of FSE and will be joining Inyanga as board observer.
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Mr Parkinson, chief executive at Inyanga, said: “Martin and the team at FSE went above and beyond to help us plan and structure the capital raise. Their commitment was evident throughout and we are delighted with the outcome.”
Martin Macey, investment manager at FSE Group, said: “It is a privilege to work with Richard and the team at Inyanga which comprises some of the world experts in offshore renewables. We look forward to helping scale this innovative business in such an important sector.”
The £40m Cornwall and Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2m to help growing small businesses across the region.
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It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).
Ken Cooper, managing director at the British Business Bank, said: “Through the British Business Bank’s regional funds we are actively supporting businesses that are contributing to the 海角视频’s low-carbon agenda. Inyanga Marine is a great example of that and we are delighted the fund has supported this deal.”
John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, said: “Inyanga is part of a globally renowned offshore renewable energy supply chain in Cornwall. The region is on the cusp of significant developments in the floating offshore wind industry in the Celtic Sea, so this deal is very timely.”
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Advisers on the transaction were: Field Seymour Parkes (FSE legals), Murrell Associates (Inyanga legals), Lang Bennetts (Inyanga tax) and Mylor Ventures (Inyanga corporate finance).
CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.