“The investment package from UK Steel Enterprise and NPIF-FW Capital Debt Finance is allowing us to take the business forward. It demonstrates that both investors share our confidence in Covol’s potential for growth which is also welcome.”
Covol Engineering is an electrical, control and instrumentation engineering company based in Billingham. Working with blue-chip companies across sectors including oil and gas, manufacturing, food and power, Covol offers facility design, improvement of existing plants and engineering consultancy to ensure businesses are compliant with regulations.
Covol secured a £300,000 funding package, made up of £50,000 equity and a £150,000 loan from UK Steel Enterprise, the Tata Steel business-support subsidiary, and £100,000 from NPIF – FW Capital Debt Finance. This is helping the company to pursue its expansion plans and create jobs.