Recruitment is set to commence next week for hundreds of jobs at the AESC battery plant in Sunderland following a £1bn Government-led investment.
Chancellor Rachel Reeves was on Wearside taking a tour of the battery company's under-construction facility adjacent to the Nissan plant. The establishment is expected to supply batteries for Nissan’s electric vehicles, with projections suggesting up to 100,000 vehicles annually could be powered, signalling a substantial growth for the firm's operations in the North East.
About £350m in guarantees from the National Wealth Fund have sparked an investment of £680m sourced from various banks, while the Government's Automotive Transformation Fund has pledged a further £150m grant to the venture.
READ MORE: {}
Ms Reeves enthused over the significance of the Government's backing, saying: "This is one of the biggest investments the National Wealth Fund has made since we came into office. That will support good jobs here paying decent wages - these are jobs paying more than £50,000, one of the team was telling me."
AESC's CEO, Shoichi Matsumoto, said: "This investment marks a key milestone in AESC's ongoing efforts to support the 海角视频's path towards decarbonisation and the expansion of its EV market. Through close collaboration with strategic partners, we strive to accelerate this transition while creating high-quality local jobs and building resilient, sustainable supply chain. We are honoured to contribute to the development of low-carbon economy with our advanced battery technologies."
Newcastle data analytics company Ceto has raised $4.8m in a seed funding round to drive forward its platform which aims to transform maritime insurance and operations.
The insurance technology startup – named after the ancient Greek sea goddess Ceto – was launched five years ago by Tony Hildrew, who worked on commercial ships and superyachts as a chief engineer and as land based vessel manager before founding the business. The Hoults Yard based business currently has eight full time employees, 70% of whom are software engineers, but a multimillion-pound funding round, led by Tennessee-based Dynamo Ventures, will create six full time jobs in the next couple of months, with more to come longer term.
Mr Hildrew said the new funding aims to transform the maritime industry by combining the power of A1 with human expertise. He said the funding, which included participation from Howden Ventures, Signal Ventures, Motion Ventures, and Chaucer, coupled with the expertise of its partners, positions it to scale faster, strengthen collaborations across the maritime ecosystem, and deliver predictive technology that sets a new standard for maritime operations.
Most Read
Mr Hildrew said: "Raising capital is just the beginning. Real innovation happens out at sea, and that’s where our focus remains: helping ship owners move from reaction to prediction—one vessel at a time. We’re excited about the journey ahead and remain steadfast in our approach to driving innovation at the intersection of maritime operations and insurance. We’re looking forward to welcoming new partners and crew members onboard.”"
North East housing association Karbon Homes has pledged to increase its investment plans after striking a deal for £200m of fresh finance.
The organisation has increased its loan book by agreeing £200m of new facilities with three lenders, to support its ambitious investment plans. The organisation, formed in 2017, manages 34,000 affordable homes for people across the North East and Yorkshire, amid company aims to give customers the strong foundations they need to get on with life.
Now the organisation has agreed loan facilities with existing lender Santander and new lenders HSBC and Nationwide, which it intends to use to develop a pipeline of new homes while also investing in its existing properties.
Scott Martin, executive director of resources at Karbon Homes, said: “A chronic shortage of affordable housing in the North East and Yorkshire, paired with a need to ensure existing affordable homes are of the highest quality and our communities are supported, means investment in our sector has never been more important. We’re pleased to be working with HSBC and Nationwide as new funding partners, and are grateful for the continued support of Santander, which has been a key financing partner for a number of years.
“This new liquidity will help ensure we have the financial capacity to deliver our strategy, so we can continue to build strong foundations for life for more people across the North.”
A Tyneside engineering design consultancy snapped up a business in Ireland in an undisclosed deal.
Don’t miss
Black & White Engineering, which is based at Newcastle’s Generator Studios creative hub, has acquired Homan O’Brien, an independent consulting engineering firm based in Ireland. Bosses at Black & White Engineering said it marks a “critical move” in its strategy to expand its global presence, particularly in the data centre and infrastructure sectors.
The Newcastle business operates across 18 cities worldwide with over 700 employees and rapid growth has seen it grow by 500% since 2020.
Meanwhile, County Dublin-based Homan O’Brien was established in 1990 through the merger of Robert Jacob and Partners and Seamus Homan Associates. It specialises in mechanical and electrical engineering design services, with clients in sectors including data centres, healthcare, education, laboratories, commercial, residential, and industrial facilities.
The two businesses will start working together immediately, with plans to scale and expand the team in Ireland to deliver a growing pipeline of regional and international projects.
Mick Cairns, CEO and founder of Black & White Engineering said: “We’re incredibly proud to welcome Homan O’Brien to Black & White Engineering, a business that shares our values and drive for excellence. Dublin’s strategic role in the global data centre market makes it the ideal location for strengthening ties with our clients, and establishing a regional headquarters in Ireland is a significant step in our growth journey."
Newcastle design practice Ryder Architecture has become an Employee Ownership Trust to strengthen the future of the business. The Cooper’s Studios based company works on projects in sectors including education, healthcare, industrial, office, residential, science, hospitality and sport, with clients spread as far afield as Australia and Canada.
Ryder, which also has offices in London, Glasgow, Liverpool, Manchester, Bristol, Vancouver and Hong Kong, has made the move to become an Employee Ownership Trust (EOT), as of May 1, after marking 70 years of trading.
The practice, which has around 350 employees, was previously owned by 13 shareholders who were partners at the practice. Aside from Peter Barker who is retiring, the former partners remain an integral part of the leadership team and, alongside other senior colleagues in the business, are now titled ‘principals’.
Mark Thompson, managing director at Ryder, said: “Having recently celebrated our 70th anniversary, this is an exciting and positive step in Ryder’s journey. By becoming an EOT, we are securing the future of the company and importantly maintaining all the elements that have made us so successful to date – our strong culture and identity, our reputation for excellence, and an unwavering commitment to develop, retain and reward our people who are at the very heart of our business.”
Teesside law firm Tilly, Bailey & Irvine has expanded into Sunderland with the acquisition of city centre practice Scanlans Solicitors. The move brings about 15 staff of Scanlans into the TBI Law business which already employs about 200 people across offices in Stockton, Wynard and Barnard Castle. No job losses will result from the undisclosed deal.
TBI Law will now offer a wider range of services for businesses and individuals at the former Scanlans office on John Street in the Sunniside area of the city. Services will include personal injury, corporate and commercial law, and family law.
Neil Taylor, partner at TBI Law. said: "This marks an exciting new chapter for TBI Law. We have been serving communities since 1842 and our team is known for being dedicated to legal excellence whilst maintaining a strong client-focused approach, values very much aligned with family-owned Scanlans. We will be building on Scanlans' legacy while bringing our expertise and resources to offer new legal services to clients in the city."