A lithium-ion battery manufacturer has announced an additional £6.7m of equity funding from its existing shareholder base.
The funding will support the Hyperdrive Innovation’s ambitious growth plans in the UK and internationally.
The new investment means that since it was founded in 2012, Hyperdrive has raised a total of £9.6m in investment and grants from Santon Capital plc and other shareholders, including Hamilton Capital Partners and Newcastle based Rivers Capital Partners.
Andrew Lapping, chairman at Hyperdrive, commented: “The additional investment from our shareholders is a fantastic endorsement of Hyperdrive’s performance to date and strong trading position for the future. 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.”
Based at the Future Technology Centre, Sunderland, Hyperdrive designs and manufactures innovative Li-ion battery packs, incorporating Nissan LEAF cell technology and Hyperdrive’s own battery management system. Hyperdrive’s technology is developed exclusively in-house by a world-class engineering team. The Company has a strong focus on growing its intellectual property portfolio.
Stephen Irish, commercial director at Hyperdrive, added:“Via partnerships and our excellent relationships with our customers, Hyperdrive has been leveraging its technology and development capabilities to really take advantage of the growing trend in vehicle electrification and stationary energy storage.
“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.