The Cardiff Capital Region (CCR) has made a £2m equity investment into Ebbw Vale-based digital manufacturing start-up Apex Additive Technologies.
The investment has been made from the region’s £1.3bn City Deal - although not from its recently launched £50m equity fund which is run by professional advisory firm PwC in partnership with fund manager Capricorn. The fund has yet to make its maiden investment. The CCR is made up of the 1O local authorities of south east Wales.
The CCR said the investment into Apex was made ahead of its Innovation Investment Capital fund.
Asked if the investment could have or should have been made by private investors a CCR spokesperson sad: "The company’s mission is to bridge the commercial gap between using this state-of-the-art technology and serial production for a variety of sectors, including aerospace, automotive, steel making, oil and gas, consumer goods and medical devices. CCR view the investment into Apex as a foundational investment that can support growth in the other related sectors."
"The primary purpose of the investment is aligned with the stated aims of the CCR regional economic and industrial Plan and with the principles set out in the Investment and Intervention Framework, supporting the inclusive and regenerative growth of the Region. This investment will lead to the creation of 16- 18 skilled jobs in the next three years and leverage matched support from the private sector."
Youssef Beshay, founder and chief executive of Apex Additive Technologies, said: “Manufacturing is in the DNA of the northern Valleys of South Wales, and Apex empowers both local and global enterprises to adopt the most advanced metallic component manufacturing technology available - unlocking unrivalled design freedom, part performance and access to a wide selection of novel materials.
“Our natural customer base extends across the life sciences, tooling, aerospace, automotive, steel making, oil and gas, and beyond - and this diversity and versatility brings the potential to create a rich ecosystem that will enable local businesses to break many barriers.
“We’re also very proud to be building a highly-skilled workforce here in the region - and are working closely with both Coleg Gwent and CCR’s Venture programme, to nurture an unrivalled Additive Manufacturing workforce that will benefit Wales and the UK as a whole.”
Stephen Thomas, leader of Blaenau Gwent Council, said:“Apex brings proven digital manufacturing excellence to the region, with the capability to improve productivity across many different sectors, including our foundational economy.
“In an area that once dominated the world in steel production, Apex has the potential to create a whole new industry capable of shaping the world we live in - bringing a new competitive advantage to Welsh-based businesses; and growing both a domestic and global market share that is high-value and inherently sustainable.
“We’re delighted that Youssef and his team chose Ebbw Vale as the home for Apex; and proud to have worked with CCR in making this happen.”
Kellie Beirne, chief executive of the CCR, said: "We’re delighted to be making an equity investment in a company that can be a catalyst for so many manufacturing breakthroughs in our region - with the potential to become a centre of excellence that builds a world-class workforce and manufacturing ecosystem.
“It’s also a huge positive to bring a generator of ‘good growth’ to our region - through an exemplary company founded on green manufacturing processes that reduce waste and energy consumption, and help pave the way to a circular economy.
“Given those credentials and that potential, Apex represents a natural fit for our own vision in reshaping a south east Wales built on innovation, sustainability and the highest ambition.”
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