Electric motor specialist Aeristech, based in Warwick, has secured a £2m investment loan to drive its cleantech growth plans through a Government-backed fund for high tech manufacturing businesses.
The investment loan was made possible through the Advanced Manufacturing Supply Chain Initiative West Midlands and Liverpool City Region (AMSCI WMLCR), a £25m fund which is part of the wider £345m national programme that was launched in 2012 to help both new and existing supply chains develop, grow and achieve world class standards, while encouraging major new suppliers to set-up and manufacture across England.
Finance Birmingham acts as fund manager for the programme and will support Aeristech as it brings its transformative new hydrogen fuel cell compressors to market and begins to produce its high-tech products at scale.
Aeristech’s fuel cell compressors have the potential to be a transformative component that drives the rapidly growing use of hydrogen fuel cells to new heights.
Hydrogen fuel cells are being used in a growing number of settings to reduce carbon emissions in heavy industries, including aviation and rail.
The loan will enable Aeristech to make the investment required to achieve all certifications necessary for full automotive exploitation and set up production lines for manufacture of its 14kW and 25kW solutions at full scale and ready for those applications.
Aeristech’s fuel cell compressors make use of its patented technology that enables the company to design and manufacture the world’s fastest accelerating and most power dense electric motors at a cost suitable for mass adoption. Its motors deliver class leading specific power with greater efficiency.
In addition to hydrogen fuel cell compressors, Aeristech also produces eSuperchargers to boost internal combustion engines and eCompressors for industrial air solutions that use its electric motor technology.
Aeristech’s plans for the AMSCI support provided by Finance Birmingham is anticipated to generate 50 jobs and increase demand throughout the supply chain for the Warwick-based cleantech leader.
Duncan Kerr, chief executive Officer of Aeristech, said: “We are incredibly pleased with the support that Finance Birmingham are able to offer Aeristech through the Advanced Manufacturing Supply Chain Initiative and would like to extend our thanks for their hard work.
“The entire team has worked hard to deliver market-leading solutions that will make it possible for hydrogen fuel-cells to begin making transport and industry greener. This package of support means we can scale up and deliver on that potential for world-leading customers around the world.”
Diane Watt, investment director for Finance Birmingham, said:
“It’s fantastic to see the AMSCI WMCLR programme investing in an award-winning Warwickshire SME working at the forefront of hydrogen fuel-cell solutions. The funding enables Aeristech to develop their capability and prove the technology at a production level to the market.
“With growing global demand for Hydrogen Fuel Cell Electric Vehicles, we’re looking forward to supporting Aeristech as it takes its technology to the next stage, with the potential to add significant value to the Midlands and UK supply chain.”