A Cornish technology company has secured £350,000 investment to safeguard 19 roles and strengthen the team with the addition of a sales manager and an operations manager.
Triskel Marine received the loan from the Cornwall & Isles of Scilly Investment Fund, managed by The FSE Group.
The Hayle-based disruptive technology firm uses its Integrel (which stands for intelligent generation of electricity) technology to collect excess energy from a boat’s inboard engine and stores it in batteries for later use.
The system replaces the need for a standalone generator without compromising engine performance.
Stored energy can be used later to power lights, ovens, air conditioning, refrigerators and water makers, reducing marina hook-up costs.
Trevor Howard, managing director of Triskel Marine, said: “We are really pleased that our product is seen as the future of power generation in boats. This power source can also be applied elsewhere, completely replacing a stand-alone generator by using ‘spare’ capacity from the existing inboard engine and working in partnership with other power methods where needed, for example solar power.
“We look forward to offering this solution with optimum efficiency, to both existing and new yacht owners resulting in fuel savings of up to 25%. With Integral you can do two jobs with one engine and less fuel.”
Tim Williams, investment manager at The FSE Group, added: “Triskel Marine has an innovative product and an experienced management team with good connections in the industry. Trevor’s business has demonstrated that the removal of noisy and costly diesel generators will reduce fuel, maintenance, and shore power costs for vessel owners. We look forward to the next stage of development.”
The £40m Cornwall & Isles of Scilly Investment Fund (CIOSIF) provides debt and equity finance from £25,000 to £2m to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).
Sarah Newbould, senior investment manager at the British Business Bank, said: “Cornwall’s marine sector is renowned for its innovation and this CIOSIF loan will help Triskel Marine continue its growth and create jobs. It’s another example of how our regional funds are investing in a more sustainable future.”
John Acornley, LEP non-executive director and chair of the CIOSIF advisory board, said: “Triskel Marine’s hybrid propulsion system is an important step towards reduced emissions and greener sailing. I’m delighted to see the fund supporting another innovative Cornish business whose technology has global applications.”
Advisers on the transaction were PDT Solicitors in Horsham for FSE Group and Stephens Scown solicitors in Truro for Triskel Marine.
CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.
