Coventry-based manufacturer, the Penso Group, is to continue its rapid development having secured an £11m funding package.
The new funding package from Clydesdale and Yorkshire Banks will be used to develop the company's technologies, along with helping to build a new factory which the company plans to build on its present Coventry site this year.
Chris Buckenham, group finance director, Penso, said: “With the understanding of Clydesdale and Yorkshire Banks, we have a partner who can support us in our ambitious development plans.”
“We are delighted to be working with a partner who are aligned with the ethos of Penso Group, itself a very dynamic and fast moving business. Clydesdale and Yorkshire Bank have demonstrated the ability and desire to offer finance solutions that meet our requirements, which is exactly what we are looking for.”
Penso was established in 2000 and now employs over 200 workers. The company plans to continue investing into research and development to perfect its IP and further advance its technologies.
The composite manufacturing specialist provides a complete turnkey engineering service to customers from prototyping to manufacturing in the automotive, aerospace, defence and rail sectors.
It has recently been awarded a government grant to be the lead partner on Project Flexible Lightweight Architectures for Vehicle Applications (FLAVA)