North East tech company charged up by £6.7m boost
An award-winning developer and manufacturer of lithium-ion battery technology has announced an additional £6.7 million of equity funding from its existing shareholders.
The funding will support the Hyperdrive Innovation's ambitious growth plans in the UK and internationally, as well as ensuring it is debt free.
The new investment means that since it was founded in 2012, Hyperdrive has raised a total of £9.6 million in investment and grants from Santon Capital plc and other shareholders, including Hamilton Capital Partners and Newcastle based Rivers Capital Partners.
Based at the Future Technology Centre in Sunderland, Hyperdrive designs and manufactures innovative Li-ion battery packs, incorporating Nissan battery cell technology and Hyperdrive's own battery management system.
Hyperdrive is a commercialisation partner to global OEMs developing new electric vehicles and machines, and providers of battery energy storage systems to power homes and businesses.
Named in the Sunday Times Tech Track 100 Ones to Watch 2018 and shortlisted for Innovation of the Year in the National Technology Awards, Hyperdrive also ranked in the national Intellectual Property 100 league.
"The additional investment from our shareholders is a fantastic endorsement of Hyperdrive’s performance to date and strong trading position for the future," said chairman Andrew Lapping.
"The team has built an impressive list of customers which recognise the value of Hyperdrive's world-class battery technology. We are very excited about the future as we continue to grow and enter new markets."
Commercial director Stephen Irish added: "This investment allows us to position the company for the next phase of growth, enabling our technology to benefit more and more people, through the reduction of energy consumption and the increase in renewable energy."
The deal was reached with the legal support of Ward Hadaway Group based in Newcastle.