Cheshire based Olsen Actuators & Drives has secured an initial £700,000 investment boost to support significant growth and recruitment following new contract wins.
The funding comes from NPIF II – FW Capital Debt Finance, which is managed by FW Capital as part of the Northern Powerhouse Investment Fund II. This investment is helping Olsen Actuators & Drives to fulfil a number of new contracts secured with blue chip names and the creation of six new jobs.
Olsen Actuators & Drives is a market leader in actuator technology and was established in 2004 by Piers Olsen, a mechanical and manufacturing engineer with over 30 years of automation, actuators and electrical drives motion control experience. His background involves successfully delivering solutions for demanding applications in some of the most challenging environments.
During the last 20 years, the company has built a reputation for delivering high performance advanced electro-mechanical systems, including customised patented electric actuators combined with power electronics and software. Custom projects include high profile applications including manned primary flight controls in aerospace, for example, the prototype VX4 Vertical Aerospace Fully Electric EVTOL Aircraft/air taxi, and robotics, as well as supplying products and sub systems into defence, mobile equipment, Space, subsea, civil aviation, power generation and marine sectors.
Piers Olsen, Chairman at Olsen Actuators & Drives explained: “The NPIF II funding from FW Capital is helping us to fulfill a significant number of new contracts, expand our engineering team and invest in key research and development projects. Areas where we’re seeing the biggest growth include custom solutions for aerospace, subsea, defence, and marine markets.
“The increased demand for our actuator solutions is seeing us work directly with some global blue-chip names and prime contractors. The aero market, particularly the eVTOL (electric vertical take-off and landing) and heavy lift drone market, continues to be a rapidly expanding sector for Olsen and one where we are seeing great opportunities. We’re excited for the future and this investment will be instrumental in supporting our future growth and has enabled us to add six new roles to our team. Thanks to Laura Rees at FW Capital for her support, she’s been there for us throughout the funding process.”
Laura Rees, Senior Investment Executive at FW Capital said: “Olsen Actuators & Drives operate in a niche market, bringing a high level of expertise and innovation. The projects they are working on are impressive and we’re delighted to provide funding to support this work. It’s also another great example of how NPIF II funding is helping to drive growth in the local economy with the creation of new jobs as a result of their new business wins.”
Sue Barnard, Senior Manager at the British Business Bank, said: “There has been increased investment in electric vehicles over recent years as businesses look for ways to swiftly move to a more sustainable way of working. This is a great example of a business that is environmentally focused, which aligns well with the NPIF II objectives, and it’s exciting to see a Northern business using NPIF II to unlock their next stage of growth in the region.”
The £660m Northern Powerhouse Investment Fund II (NPIFII) covers the entire North of England and provides loans from £25k to £2m and equity investment up to £5m to help a range of small and medium sized businesses to start up, scale up or stay ahead.
The Northern Powerhouse Investment Fund II aims to build on the success of the initial fund, with the purpose of driving sustainable economic growth by supporting innovation and creating local opportunity for new and growing businesses across the North of England.
The Northern Powerhouse Investment Fund II will increase the supply and diversity of early-stage finance for the North’s smaller businesses, providing funds to firms that might otherwise not receive investment and help to break down barriers in access to finance. FW Capital will provide debt finance options from £100,000 to £2million to businesses based in the North West of England.
