An award-winning engineering company is poised to treble in size and create 50 new jobs after securing cash to build a £4.8m new base in Northumberland.
Cramlington’s Transmission Dynamics started out as an engineering consultancy and has since evolved to become a leading Internet of Things specialist, combining human and artificial intelligence to solve complex engineering problems.
The firm - which took the innovation award at this year’s Northumberland and Tyneside Business Awards - is now set to build a new office, warehouse and engineering facility to accommodate its expanding team, on the back of a £500,000 grant from the North of Tyne Growth Fund.
READ MORE: {}
The North of Tyne Growth Fund is a £4.6m European Regional Development Fund that aims to support SMEs across Northumberland, North Tyneside and Newcastle to create employment and stimulate business growth.
Delivered by UMi, the project is part-funded by the European Regional Development Programme 2014-2020 and is part of a £19.75m package of business support from the North of Tyne Combined Authority.
Jarek Rosinski, CEO of Transmission Dynamics, employed Ryder Architects a year ago to draft plans for the building, which he hopes will enable the firm to conduct research and development, and manufacturing, all under one roof.
He had put the plans on hold when he hit a financial block, but revived them after being directed to the newly-launched North of Tyne Growth Fund.
Sign up for your daily BusinessLive North East newsletter
You can get all the day's business news from the North East sent to your email inbox each morning.
By signing up here, we will deliver the headlines from companies in Tyne and Wear, Northumberland, County Durham and Teesside straight to your email inbox every morning.
Our specialist team of business writers will bring you stories from a range of sectors, reporting on companies large and small.
Most Read
He said: “The banks could see the potential, but because it’s a bespoke building there was more risk attached on the resale value, so not enough security. We couldn’t solely fund the growth ourselves. Our advisor really believed in our case, taking a genuine interest in our business.
“He made the process very painless and wanted to help. We were able to make a strong case for exceptional circumstances to apply for double the normal maximum grant of £250,000. We’ll be creating 50 new jobs and hope to attract talent from outside of the region as well as in the region.
“These will be highly-skilled roles for data analysts, software developers, mathematicians, electronics and mechanical engineers. They will have the opportunity to work on cutting-edge developments in an environment where creativity is central to everything we do.”
The building will be a £2.3m construction project, which the £500,000 grant will help to fund. With a further £1.8m investment in plant and machinery, Transmission Dynamics expects to invest around £4.8m in the project.
Mike Baker, senior project manager for the North of Tyne Growth Fund, said: “It has been a pleasure to support Jarek and the Transmission Dynamics team in their application. This significant investment will secure the company’s growth for many years, enabling it to have a greater impact nationally and internationally, as well as bringing skilled jobs to the region.”
North of Tyne cabinet member for economic growth and deputy mayor of North Tyneside, Coun Bruce Pickard, said: “This is exactly the kind of new and locally-driven initiative we’re so keen to see in the North of Tyne. We are proud to have been able to make this significant investment.
“It will help Transmission Dynamics create 50 jobs and see the creation of new premises and a state-of-the-art engineering facility that will enhance the region’s flourishing manufacturing and tech economy.
Don’t miss
“We are absolutely committed to ensuring the North of Tyne not only recovers from Covid-19 but comes back even stronger, as a great place to live, work, and do business.
“Investments of this kind through the North of Tyne Growth fund will be key to how we achieve this. I’d urge anyone keen to see their business develop to contact us for help to take those vital next steps.”
Transmission Dynamics is joined in the first round of successful applicants by Norfran Ltd, a North Shields based precision aluminium and zinc diecasting company, and Datatron, a document management specialist, also based in North Shields.