Avid Technology has secured £7m of investment to increase production of electric car parts.
The Northumberland-based company specialises in developing and manufacturing powertrain components and propulsion systems for heavy-duty electric and hybrid vehicles.
Avid’s latest investment round was led by Maven Capital Partners together with the North East Development Capital Fund, which is supported by the European Regional Development Fund. It also included Avid’s existing shareholders NVM Private Equity and Downing Ventures.
The cash will allow Avid to boost its production volumes as well as invest in developing new electric motors, power electronics and battery systems.
Ryan Maughan, managing director at AVID Technology, said: “AVID is experiencing unprecedented demand for its products and services and we are looking forward to delivering on this growth potential with the support of our new and existing investors.”
He added: “We are very pleased to welcome Maven as part of this latest investment round.”
The electric vehicle industry is undergoing significant growth as more automotive manufacturers work to diversify their business models away from traditional engines.
Last year Avid said it had won six new contracts worth a total of £50m a year with automotive firms that included an international supercar manufacturer, a tier one automotive supplier and two original equipment manufacturers.
It also said it would be working with industry giant Caterpillar and Imperial College London on a £2.8m clean energy project.
Jamie Fraser, investment manager at Maven, said: “Maven is delighted to lead the fundraising in Avid, one of the leaders in its field, developing a global reputation in electrification solutions for heavy-duty and high-performance vehicles. With an increasing demand for automotive electronics and powertrain technology we are pleased to support the business as it extends its range of services and expands its research and manufacturing capabilities.
“Avid is addressing very real issues around energy consumption and exhaust emissions and we look forward to working with Ryan and the team to help deliver its sustainable transport strategy to provide cleaner air.”
Mauro Biagioni, investment partner at NVM, said: “We are delighted Maven has joined NVM and Downing as investors in Avid and we look forward to working with them alongside the AVID management team in capitalising on the high growth, electrification market opportunity.”
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