Avenium Engineering wins NPIF investment

Posted on 30 Jun 2019 and read 488 times
Avenium Engineering wins NPIF investmentTeesside-based Avenium Engineering Ltd, previously known as Prosafe, has received a £225,000 investment from the Northern Powerhouse Investment Fund (NPIF), which is managed by FW Capital.

Avenium (www.avenium.co.uk), designs supplies, installs and maintains process safety systems for the oil and gas, petrochemical, processing and energy industries around the world.

Established three years ago, the company provides bespoke solutions designed to optimise production, reduce down-time, reduce risk and contribute to an overall safer, more productive facility.

It recently moved into new premises in Middlesbrough and now has 1,500ft2 of combined warehousing, office and recreational space.

The FW Capital funding will be used to facilitate the growth and development of the business in the new premises and up to four new jobs will be created.

Avenium Engineering managing director Greg Hynes said: “Almost immediately after receiving the funds we created one full time position and introduced a new product range.

“I am very optimistic about the future and look forward to developing the business and creating opportunities in our region.”

Ben Houchen, Tees Valley Mayor, added: “Our region is a world-renowned centre of excellence for the chemicals, engineering, and processing industries, with some of the world’s biggest companies having a presence here.

“In the last 18 months, NPIF has invested £10 million in 32 local companies, and I am pleased to see yet another Teesside company being supported and creating good-quality well-paid jobs for local people.”

NPIF provides a mix of debt and equity funding (£25,000 to £2 million).

Its funding is drawn from several sources including the UK Government, the European Investment Bank, the British Business Bank and the European Regional Development Fund (including nominal allocations from 10 out of the 11 Local Enterprise Partnerships in the North of England).

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