Tees Valley’s Electrical Mechanical and Cooling has secured a £330,000 loan to launch a new division and create five new jobs.
The Stokesley-based firm has secured the loan from NPIF – FW Capital Debt Finance, managed by FW Capital and part of the Northern Powerhouse Investment Fund (NPIF).
Electrical Mechanical and Cooling is an expert mechanical and electrical service provider and independent supplier of critical power and cooling solutions.
The company works across a range of sectors, including health, transport, education, industrial and commercial operations. Its clients include BAE, BP, Hays Travel, Network Rail and Virgin Media.
Electrical Mechanical and Cooling is currently supporting the NHS in the fight against Covid-19 by carrying out a £20,000 project maintaining critical power supplies in the operating theatres of two North East hospitals.
The FW Capital investment has allowed the firm to build on its success and expand into new premises to open a division that concentrates on helping businesses and public sector organisations to decarbonise their operations.
Five new jobs will also be created with the loan, adding to Electrical Mechanical and Cooling’s 12-strong team.
The new division, named Emissis, will take advantage of opportunities in the rapidly growing energy reduction, decarbonisation and renewable energy market. Its key mission is to reduce carbon emissions locally and globally.
Emissis delivers decarbonisation via energy reduction, EV charging and battery energy storage.
The key product is COOLNOMIX, a retrofit energy efficiency device to improve air-conditioning temperature stability and generate energy savings.
Electrical Mechanical and Cooling has the exclusive 10-year rights for COOLNOMIX across several European countries and across other parts of the world.
Managing director Adrian Bell said: “We pride ourselves on our craftsmanship, technical expertise, compliance knowledge and project delivery.
“This approach led us to the point where we were ready to scale-up and take on new challenges and opportunities.
“FW Capital fully understood our ambitions to launch Emissis. They are a supportive and helpful funding partner and we’re very grateful to them for the investment.”
Keith Charlton, senior investment executive at FW Capital, completed the investment together with investment executive Sam Streckert.
Keith said: “Electrical Mechanical and Cooling is a growing business with strong current trading and a fantastic opportunity to grow sales and profitability by expanding its range and launching the new Emissis division.
“This investment has helped a Tees Valley company to scale-up and take advantage of new opportunities, while creating and safeguarding jobs in the area.”
Tees Valley Mayor Ben Houchen said: “We remain in extremely difficult times because of the coronavirus pandemic, but there are still so many businesses in my region working hard and doing incredible things to help, just like Electrical Mechanical and Cooling.
“This is another example of a firm investing, growing and creating good quality jobs for local people in Teesside, Darlington and Hartlepool.
“It is important to get our economy moving again when it is safe to do so, and businesses in my region are once again leading the way.”
Sean Hutchinson, Senior Investment Manager at British Business Bank, added: “It is great to see another business in the Tees Valley region receiving vital support and investment from NPIF which is positively benefitting the local economy.
“Even during unprecented times, it’s encouraging to see the business creating more jobs for the region, and expanding its product range, helping regional prosperity, whilst also aiding the NHS at this critical time.”
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 ten 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.