Hydrogen firm GeoPura secured a £56m investment to ramp up its work in clean energy, a deal which will also create hundreds of jobs.
GeoPura – based at the Siemens Energy site in Newcastle with hubs in Nottingham, Matlock and Sheffield – has secured £30m from the Ƶ Infrastructure Bank and support from the company’s existing investors to boost production capacity, growing its skilled workforce and increase the rollout of its power generation technology. The funds come exactly a year after the business sealed a £36m deal from global industry leaders to start scaling its business.
This fresh round of investment – led by additional investment from Barclays Sustainable Impact Capital and supported by GeoPura’s investors GM Ventures, SWEN Capital Partners, and Siemens Energy Ventures – will see the company increase the manufacture and supply of its Hydrogen Power Units (HPUs) at its Newcastle facility.
Around 400 jobs are expected to be created over the next five years as the funds back GeoPura’s continued growth and investment in green skills. The investment follows a successful year for GeoPura in which it more than doubled its headcount from 30 to 85, also recruiting its first hydrogen apprentices, securing new customers and expanding its reach into Europe.
Andrew Cunningham, CEO of GeoPura, said: “Having experienced the hottest year on record in 2023 with the negative impact of extreme weather events increasing globally every month, our need to combat climate change has never been more urgent. Now, more than ever, we need to act and provide industry with proven and effective solutions to achieve their Net Zero goals as well as allowing them to reduce their liability for destroying air quality with particulates, NOx (nitrogen oxides) and other harmful emissions from traditional generators."
Otterburn Hall Hotel is set to be redeveloped after going under the hammer for £265,000. But it may take some time before its new owners get it shipshape - Otterburn Hall Hotel has lain empty for more than a decade and the building is now a dilapidated shell of its former state. The Grade II listed building – which has 25 bedrooms and 16 acres of woodland, lawns and even a private fishing lake in the Northumberland National Park – was originally built in 1870 for Lord James Douglas, on land gifted to compensate for the death of his ancestor, Lord Douglas, who fought at the Battle of Otterburn.
The building was later used as a military hospital during the Second World War before being bought by the YMCA in 1980 who converted it into a hotel. As a luxury four-star hotel, the building was described as “one of the North East’s most opulent venues” and was a popular wedding venue, but since closing in 2012 it has lain empty and fallen victim to the ravages of time.
The hall was put up for auction at Nottingham Racecourse last Thursday, where a tense bidding war drew bids in the room as well as online and on the phone. From a starting guide price of £150,000 it was eventually sold to a bidder in the room for £265,000 – £34,000 less than the average cost of a Ƶ semi-detached house, according to Government figures. The sale revives hopes that the grand building could reopen as a hotel, following a number of failed attempts to sell the building.
A North East fund devised to stimulate sustainable business growth revealed that £2.2m has gone into firms across the region. The Growth Fund provided grant support to SMEs and was part-funded by the European Regional Development Fund (ERDF), in moves to encourage business growth and create jobs. The fund, managed by delivery partner UMi, led to grants being given to 22 businesses, creating 326 jobs in small businesses in South Tyneside, Gateshead, and Sunderland that could demonstrate potential for growth and job creation. It is predicted 1,415 jobs will be created by the end of 2025.
Grants were used on projects ranging from transforming the orthodontics industry with innovative manufacturing methods to investing in new printing presses to keep up with demand. From the 22 projects, nine were used to introduce new products.
Growth Fund senior project manager at UMi, Mike Baker, said: “It’s been a fulfilling time working on The Growth Fund and seeing first hand how the scheme has impacted businesses in the North East and supported their ambitions."
Newcastle software specialist Foster Findlay Associates Ltd has been acquired by a newly formed Norwegian company. The company, which specialises in AI seismic interpretation software, trades as Geoteric and has now transferred to new owners Geoteric Holding AS, enabling it to advance growth plans. Geoteric Holding AS, is a new private company formed with with Redback AS, Herfo Finans AS and Møkster Investering AS acting as main investors.
FFA’s largest shareholder was Energy Ventures III LP which will now exit the company. Nicola Blanshard will remain as CEO. She said: “In our opinion, the new investor group has both the skills and experience to support us in our growth strategy and enable us to take an even larger role in the subsurface market.”
Tyneside biotech startup GlycanAge has completed a $4.2m fundraise to ramp up a roll-out of its biological age test into new markets. The Newcastle business has completed the funding round which was led by venture capital firm LAUNCHub Ventures and deep-tech investors Kadmos Capital.
Based in The Catalyst at the city’s science hub Newcastle Helix, GlycanAge offers a biological age test that uses glycan biomarkers to enable early prevention strategies for both consumers and healthcare professionals.
GlycanAge’s co-founder and chief scientific officer, Gordan Lauc, has been instrumental in harnessing the power of glycan biomarkers for precision medicine. Recent studies have highlighted the role glycans play in the body’s biological functions, revealing how they undergo changes in over 70 diseases and, in some cases, up to a decade prior to symptoms and diagnosis.
Nikolina Lauc, CEO of GlycanAge, said: “We are thrilled to have the support of LAUNCHub Ventures and Kadmos Capital, who share our vision for a healthier future. This funding round marks a significant milestone for GlycanAge and we are excited to continue our journey towards transforming healthcare and empowering individuals to take control of their well-being.”
Tyneside professional services firm RMT Accountants & Business Advisors has become part of national group Sumer. The Newcastle business has joined Sumer, a top 15 Ƶ accountancy group which has its head office in Gatwick. Sumer is investing in successful accountancy firms across the Ƶ to create regional hubs which focus on the SME market.
The group has seen rapid growth by completing 12 co-investment transactions over the last year and provides its hubs with access to enhanced technology and compliance support, as well as funding for further acquisitions and opportunities for employees. RMT’s existing management team will continue to lead its development and has already begun investigating opportunities for growth, by exploring potential acquisitions. The Gosforth-based practice currently has 120 staff across its service lines and is continuing to grow.
Mike Pott, managing director at RMT Accountants & Business Advisors, said: “This is a tremendous opportunity for us to make a real step change in our operations. We’re excited to become part of a nationwide organisation with a clear strategy for growth and an absolute commitment to excellent client service."
Security tech specialist Petards announced a £350,000 contract win by its subsidiary for work with one of the Ƶ’s largest police forces. Team Valley based Petards, the AIM listed business which develops advanced security and surveillance systems for rail and defence customers, said its subsidiary QRO Solutions has sealed a deal to supply its Q-Box Merlin IP in-vehicle ANPR solution to the unnamed police force, which is fitting the system to a number of vehicles in its fleet.
The system includes two HD cameras with audio recording and enables ‘event triggered’ clips, meaning scenes of interest can be accurately recorded. The order is expected to be delivered during this year.
The deal win comes two weeks after the Tyneside technology company announced a separate contract worth £400,000 for Artificial Intelligence (AI) enabled ANPR cameras. The project forms part of a three year programme being carried out by the unnamed customer, with QRO having already secured and supplied other roadside ANPR equipment for the first year in 2023. This new order is expected to be fully delivered during 2024.
North East medical innovator PolyPhotonix secured a six-figure investment to ramp up work on its sleep mask, which could help to save the eyesight of diabetes patients. Diabetic retinopathy – caused by high blood sugar levels which damage the retina – can cause blindness if left untreated, and it is one of the leading causes of sight loss in the Ƶ.
PolyPhotonix’s Noctura 400 Mask, however, delivers a dose of light therapy through closed eyelids while the wearer is asleep, a treatment which can reduce and even reverse the effects of diabetic retinopathy.
The Sedgefield-based business – which has a customer services centre in Tees Valley as well as an office in South Durham – has received investment from NPIF-FW Capital Debt Finance, which is managed by FW Capital and is part of the Northern Powerhouse Investment Fund.
The funding is supporting the new customer service centre and promotion of the Noctura 400 mask in the Ƶ following a partnership agreement with global diabetes equipment provider Embecta, based in New Jersey, US. In November 2022, the Noctura 400 received Ƶ NHS approval, which led to last year’s deal with Embecta to put the product on sale in the Ƶ and Ireland, with other countries to follow.
Richard Kirk, chief executive officer at PolyPhotonix, said: “The partnership agreement with Embecta is very important to us because it gives us a bigger voice, opening more doors for us. There is also enormous potential globally because we can treat patients at a fraction of the costs using this disruptive technology, which tests have shown also improves eyesight."
Unite Students struck a deal with Newcastle University for a £250m scheme to replace one of its largest housing blocks. Unite Students, a Bristol-based company that is one of the Ƶ’s largest providers of student accommodation, has entered into a joint venture to demolish the Castle Leazes block in Spital Tongues, Newcastle, and replace it with new blocks providing around 2,000 new beds. Castle Leazes, which is based a short walk from the University’s main campus, dates back to 1969 and has been the home of tens of thousands of students over the last 50-plus years.
The site currently has 17 accommodation blocks and a central management block, providing 1,254 bedrooms. The university revealed plans to replace it back in 2019, highlighting how the current halls of residence is approaching its end of life, and how a growth in student population has not been matched with the expansion of university-owned accommodation or in the wider market.
Demolition of the block is set to get under way this summer, subject to planning permission, with the replacement accommodation expected to open in 2027 and 2028. Unite Students - which runs student accommodation in more than 20 Ƶ cities - already operates five student halls in Newcastle and the university has agreed a separate four-year deal to take 1,600 beds from Unite to house students during building work at Castle Leazes.
Joe Lister, Unite Students chief executive officer, said: “Partnering with Newcastle University to redevelop Castle Leazes and deliver 2,000 beds of high-quality, affordable accommodation for students is a hugely exciting step for Unite Students. The partnership will provide further support to Newcastle University in meeting their accommodation needs at a time of real housing shortage, so that they can focus on providing a world-class experience for their students.”
