A Cheshire tech firm whose products are being used in prototype flying taxis is planning 鈥渟ignificant growth鈥 after securing a 拢700,000 investment.
Olsen Actuators & Drives, of Daresbury and Runcorn, was founded in 2004 by mechanical and manufacturing engineer Piers Olsen and today supplies high performance advanced electro-mechanical systems to sectors including aerospace, defence and robotics.
Its custom projects have included developing manned primary flight controls for aircraft 鈥 including for the prototype VX4 Vertical Aerospace fully electric air taxi.
Now it has secured a 拢700,000 investment through NPIF II 鈥 FW Capital Debt Finance, which is managed by FW Capital as part of the Northern Powerhouse Investment Fund II
The company says the investment will help it to fulfil a number of new contracts 鈥渨ith blue chip names鈥, and will also help to create six jobs.
Ian Walch, managing director at Olsen Actuators & Drives said: 鈥淭he NPIF II funding from FW Capital is helping us to fulfil a significant number of new contracts, expand our engineering team and invest in key research and development projects. Areas where we鈥檙e seeing the biggest growth include custom solutions for aerospace, subsea, defence, and marine markets.
鈥淭he increased demand for our actuator solutions is seeing us work directly with some global blue-chip names and prime contractors. The aero market, particularly the eVTOL (electric Vertical Take-Off and Landing) and heavy lift drone market, continues to be a rapidly expanding sector for Olsen and one where we are seeing great opportunities. We鈥檙e excited for the future and this investment will be instrumental in supporting our future growth and has enabled us to add six new roles to our team.鈥
Laura Rees, senior investment executive at FW Capital said: 鈥淥lsen Actuators & Drives operate in a niche market, bringing a high level of expertise and innovation. The projects they are working on are impressive and we鈥檙e delighted to provide funding to support this work. It鈥檚 also another great example of how NPIF II funding is helping to drive growth in the local economy with the creation of new jobs as a result of their new business wins.鈥
Sue Barnard, senior manager at the British Business Bank, said: 鈥淭here has been increased investment in electric vehicles over recent years as businesses look for ways to swiftly move to a more sustainable way of working. This is a great example of a business that is environmentally focused, which aligns well with the NPIF II objectives, and it鈥檚 exciting to see a Northern business using NPIF II to unlock their next stage of growth in the region.鈥
As part of the Northern Powerhouse Investment Fund II, FW Capital will provide debt finance options from 拢100,000 to 拢2million to businesses based in the North West.
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