A renewable energy company in Blyth has secured more than £3.6 million in funding from a group of three investors.
Applied Superconductors has formed a deal with Octopus Ventures, OCAS Ventures and IP Group plc through the Finance for Business North East Technology Fund, which will now allow them to develop their Superconducting Fault Current Limiters.
This product will provide a safe and cost effective method of connecting electricity generated by renewable energy sources into the mains grid without major upgrades.
Applied Superconductor chief executive Herbert Piereder said: “This constitutes a key step in our development.
“It will allow us to expand our market presence and operations to secure a substantial share in this rapidly developing market.”
Applied Superconductor have already gained attention after they established that Superconducting Fault Current Limiters are a key technology in the development of Smart Grids.
Nick Edgar, investment manager at IP Group plc, which manages the Finance for Business North East Technology Fund, added: “Backing stand-out businesses in the energy and renewables sector is very much part of IP Group’s investment strategy and ASL’s technology and commercial offering fits very clearly into this category.
“It has huge cost and carbon reduction potential and it is fantastic to be able to support the development of this innovative company here in the North East.”
This investment comes as positive new for the region, which is quickly establishing itself as a national leader in the renewable energy sector.
Mr Piereder added: “In this region Blyth and in particular the National Renewable Energy Centre Narec has been at the forefront of this new technology, which is why set up our base here.”