A marine engineering firm in Cornwall developing innovative power sources and storage technology for boats has secured £3.2m to fund its further growth and create jobs.
Triskel Marine, which trades as Integrel Solutions, has designed a system which collects excess energy from a vessel’s inboard engine and stores it in batteries for later use.
According to the Hayle-based company, which also has a US office in Texas, its tech can replace yacht owners’ need for a standalone generator without compromising engine performance.
Boating brands such as Balance Catamarans, Fountaine Pajot, Bali, Lagoon, Outremer and Gunboat are among Triskel’s clients, with more than 140 vessels using its Integral - ’intelligent generation of electricity’ - product.
The business said it would use the money raised during its latest private equity round to drive international expansion and to add eight more staff at its Cornish coastal base.
The round included a £1m investment from the Cornwall & Isles of Scilly Investment Fund (CIOSIF), which matched funding from private investors in the US. The deal follows a £350,000 loan from CIOSIF earlier this year.
Trevor Howard, managing director of Triskel Marine, said the company was looking to become “the go-to option” for boat builders and owners looking for a more efficient power generation source.
“We have already established strong relationships in the marine sector and we’ll be building on these in part by developing our technology for larger vessels, and move into e-drive and torque boost which will expand our market and give even more customers access to our innovative tech," he said.
“This equity funding round is key as it will enable us to hire new local staff to develop our systems, support our clients and ultimately grow our business.”
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).
Ralph Singleton, head of Cornwall funds at The FSE Group - the appointed CIOSIF fund manager - said: “Capturing waste energy is an excellent way to reduce energy production with the added benefit of being more cost-effective. Cornwall is a region that is renowned for its focus on climate and environmental issues and we are delighted to see a local green tech company becoming so prominent in its sector.”
John Acornley, LEP non-executive director and chair of the CIOSIF advisory board, added: “Our region is renowned for its blue and green economy and in Triskel Marine we see the fusion of the two. Their innovative technology has huge potential to help decarbonise the boating industry.”
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