Teesside-based ENEX designs, manufactures and supplies Mechanical Safety Interlocks and Process Safety Systems to the oil and gas industry. It completed the development of a ‘Patent Pending’ ENEX i-LOCK product range with leading-edge safety features, providing a greater level of safety and reliability to other available mechanical interlocks.
The Northern Powerhouse Investment Fund facilitated £250,000 worth of debt funding to the engineering firm, marking NPIF’s first investment in the region. The investment was made by NPIF – FW Capital Debt Finance, an NPIF product fund managed by FW Capital Limited.
The investment helped the company formally launch this new product to the market and expand in the North East of England.
Paul Booth, chair of Tees Valley Local Enterprise Partnership and Tees Valley Combined Authority Cabinet Member, said: “This is fantastic news For ENEX Group and for the Tees Valley economy.
“This stream of funding can make a tangible difference to businesses, as is demonstrated by the growth in sales and job creation ENEX is expecting. I would encourage other companies to explore the opportunities the Northern Powerhouse Investment Fund offers.”
Operating from the British Business Bank’s Sheffield head office, the Northern Powerhouse Investment Fund provides a mix of debt and equity funding (£25,000 to £2m). It works alongside 10 Local Enterprise Partnerships (LEPs), the combined authorities and Growth Hubs, as well as local accountants, fund managers and banks, to support Northern-based SMEs at all stages of their development.
The Northern Powerhouse Investment Fund project 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 and the European Investment Bank.
FW Capital Limited is regulated by the Financial Conduct Authority as a small authorised UK Alternative Investment Fund Manager under firm reference number 506719