Twenty new jobs will be created at an automotive manufacturer after it secured £1 million in fresh investment.
Penso City Vehicles has received the cash injection from funding stream Finance Birmingham in a move which will also safeguard a further 50 jobs.
Penso, which provides specialist modification to vehicles in the automotive, aerospace, defence and rail sectors, will invest the capital into tools for the production of the new Mercedes-Benz Vito Taxi.
The aim is to turn the vehicle into a low-emission taxi, including improving its turning circle and enabling side door wheelchair access.
The firm, which currently employs more than 200 people at its new factory in Coventry, has more than 15 years of engineering experience working with automotive firms including Jaguar Land Rover, Aston Martin and Bentley and defence firm BAE Systems.
Director Michael Collins said: “Our work with Mercedes-Benz has established a strong partnership which we can build on.
“The investment has not only given us the ability to invest in new processes and technologies for the Vito Taxi but it has also helped us to focus and develop our two other divisions, in lightweight composites and consulting to further grow the business.”
The funding has been provided from the £24 million Tooling Funding Programme, supported by the Regional Growth Fund, which is designed to help toolmakers and component manufacturers fund the design, development and manufacture of products or expand capacity.
Additional investment was provided from the Advanced Manufacturing Supply Chain Initiative fund, designed to improve the global competitiveness of UK advance manufacturing supply chain clients.
Steve Hetherington, investment director at Finance Birmingham, said: “Penso City Vehicles is a business built on strong foundations and has a track record for delivering major projects for international names.
“The new Vito Taxi is a testament to the quality and ingenuity of its team. The funding will help it to unlock its further potential by developing its offering and growing its staff base to cater for increasing demand.”
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