An engineering firm in Cornwall has secured £1m to continue its growth after the launch of its new innovation centre.
Feritech Global carries out geotechnical survey work for marine industry clients around the world, using specialist equipment designed and operated by its own team.
In April the business opened a new facility on a 3.5-acre site near Falmouth, expanding its manufacturing capabilities and allowing it to tap into the growing offshore wind farm industry.
More than 90% of the company’s products and services are exported, with clients in more than 40 different countries.
Feritech has received the seven-figure boost from the Cornwall and Isles of Scilly Investment Fund (CIOSIF).
The company said it would use the funds to increase its stock of technical equipment to enable it meet demand, which it said had “increased significantly”.
Managing director and co-founder Rob Ferris said: “Launching our new facility was incredibly exciting and a culmination of many years hard work by our team. We were delighted to welcome HRH The Duke of Kent, along with other notable dignitaries, for a tour of our contemporary and eco-friendly site.
“This new innovation centre will give us space to grow as a business, by expanding our range of services, enabling us to win important new contracts, and providing new job opportunities in our local area.”
The £40m 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 area’s Local Enterprise Partnership (LEP).
Ken Cooper, managing director at the British Business Bank said: “With exports accounting for 95% of turnover, Feritech is a global business with ambitions to expand into new territories this year. I’m delighted the fund is supporting this growth as they bring their innovation to some of the world’s most challenging engineering sectors.”
John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, added: “Feritech are a Cornish success story creating bespoke advanced engineering equipment for customers all over the world.
“With an eye on the future, they are already helping to meet the demands of new and fast-growing sectors like floating offshore wind, autonomous vehicles and space.”
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