A Somerset maritime surveillance company has secured a £31m finance package from one of its existing shareholders in the US. SRT Marine said the funding from robotics firm Ocean Infinity would allow it to deliver a contract worth £213m due to start on Thursday.
The Midsomer Norton-based business also said the package, which includes equity and bridge financing, would help it launch three additional contracts valued at $210m.
The deal sees Ocean Infinity’s chief executive, Oliver Plunkett, joining SRT’s board.
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Simon Tucker, chief executive of SRT Marine Systems, said: "This financing package enables SRT to make a truly transformational commercial leap and very significantly accelerate the financial performance of the company through the simultaneous delivery of over $400m of contracts and with capacity for more.
"The funding also enables SRT to capitalise on the $1.5bn growing pipeline of opportunities, accelerating its growth and reach in the maritime technology sector."
Mr Plunkett said Ocean Infinity had "seized this opportunity" to provide equity funding to SRT Marine due to the "long-term potential" for both companies to work together.
"The contract awarded to SRT in which Ocean Infinity will play a key supporting role is precisely the kind of opportunity to work together that we foresaw when we first invested in the company," he said. "We strongly believe in the relationship [and] the wider market opportunity for maritime data and systems."
In September, SRT Marine agreed two deals in Asia worth US$4.6m with existing sovereign agency customers in large countries with "extensive and complex" maritime domains. The AIM-listed firm said it expected further contract deals as the systems are scaled, with discussions already in progress.