Penso Group will continue its rapid development having a secured an £11m funding package with Clydesdale and Yorkshire Banks.
The composite manufacturing specialist provides a complete turnkey engineering service to customers from prototyping to manufacturing in the automotive, aerospace, defence and rail sectors. Penso Group has recently been awarded a government grant to be the lead partner on Project FLAVA – Flexible Lightweight Architectures for Vehicle Applications.
The new funding will be used to develop their technologies whilst contributing to the 2020 emissions target for CO2 reduction. This will largely be progressed through a new factory which the company are planning to build on their Coventry site this year.
Heather Griffin, Senior Director, Automotive, Clydesdale and Yorkshire Banks, said: “As one of the UK’s fastest growing manufacturers, it’s really exciting to work with a business that is giving the UK a competitive edge in the global automotive industry. The success and prosperity of regional economies is critical to the UK economy and we’re delighted to support the growth of ambitious firms such as Penso.”
Chris Buckenham, Group Finance Director of Penso, commented: “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 their IP and further advance their technologies.