Middlesbrough engineering firm Avenium Engineering is aiming to grow and create jobs after receiving a six-figure investment.
The three-year-old company, which was previously known as Prosafe, has received £225,000 the Northern Powerhouse Investment Fund (NPIF) which will be used to facilitate the growth and development of the business in new premises it has recently moved into.
Avenium designs, supplies, installs and maintains process safety systems for the oil and gas, petrochemical, processing and energy industries across the world.
READ MORE: {}
Up to four new jobs will be created as the firm looks to make key appointments.
Managing director Greg Hynes said: “It was a pleasure to work with Steve and the FW Capital team. Our partnership means we were able to access the funds we needed to help implement our growth plan and further develop the business in our fantastic new premises.
“Almost immediately after receiving the funds from FW Capital we implemented our growth strategy, created one full time position, and introduced a new product range to the business. I’m very optimistic about the future and looking forward to developing the business, and creating opportunities in our region.”
The funding has come from FW Capital, which is administering the fund on behalf of the British Business Bank.
Steve Teasdale, investment executive at FW Capital, said: “Avenium Engineering is an established business with a strong blue chip customer base. The experienced management team has a clear vision for growth and development and is on track to more than double turnover.
Most Read
“Our funding comes at an exciting time for the team and we are delighted to have been able to provide this support.”
Tees Valley mayor Ben Houchen added: “Our region is a world-renowned centre of excellence for the chemicals, engineering, and processing industries, with some of the world’s biggest companies having a presence here. So it’s no surprise that Avenium Engineering has rapidly become a world-leader in its sector serving global bluechip companies from its Middlesbrough HQ.
“In the last 18 months NPIF has invested £10m in 32 local companies, and I’m pleased to see yet another Teesside company being supported, supporting and creating good quality, well-paid jobs for local people in Teesside.”
The Northern Powerhouse Investment Fund provides a mix of debt and equity funding, from £25,000 up to £2m. It is supported financially by the European Union using funding from the European Regional Development Fund.