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Tech

Tech firm Olsen Actuators & Drives plans 'significant growth' after securing £700k investment through Northern Powerhouse Investment Fund

Olsen has worked on Vertical Aerospace's fully electric air taxi project

Laura Rees of FW Capital, right, with Ian Walch, MD of Olsen Actuators (Image: Jon Super/ UNP)

A Cheshire tech firm whose products are being used in prototype flying taxis is planning “significant growth” after securing a £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 – including for the prototype VX4 Vertical Aerospace fully electric air taxi.

Now it has secured a £700,000 investment through NPIF II – 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 “with blue chip names”, and will also help to create six jobs.

Ian Walch, managing director at Olsen Actuators & Drives said: “The 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’re seeing the biggest growth include custom solutions for aerospace, subsea, defence, and marine markets.

“The 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’re 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.”

Laura Rees, senior investment executive at FW Capital said: “Olsen 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’re delighted to provide funding to support this work. It’s 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.”