Leading independent developer of lithium-ion energy storage technologies, Hyperdrive Innovation, is reportedly on track to hit £10m turnover this year.
The figure would see the business double last year’s annual turnover, as the company experience a surge in global demand.
The business, which was founded in 2012, also expects to further increase this turnover by two-fold in the next two years.
Sunderland-based Hyperdrive innovation, which employs 40 people, produce battery packs for a variety of electric vehicles including; off-road vehicles, autonomous and industrial machines, as well as offering energy storage systems.
Demand in Asia for energy storage
Earlier this year, the company secured a deal reportedly worth around £40m to enable Taiwanese manufacturing giant Foxlink Group, to produce and market Hyperdrive’s modular battery pack across Asia.
Commercial managing director, Stephen Irish, commented: “The key driver here is to continue to improve the efficiency and cost-effectiveness of the battery technology. There are lots of markets we have been involved in that will be increasingly electrified over the next few years, so a lot of our work will be helping customers to electrify their products.”
The technology at Hyperdrive Innovation allows energy generating systems like solar or wind farms to be stored and then utilised when needed, something that is vital for future energy use.
Being able to manage energy could give many manufacturers a competitive advantage, particularly in cost reduction, but many lack the time and expertise to implement a good energy strategy, something that Hyperdrive Innovation could improve.
Case study: Grey Technology (Gtech) tap into Taiwanese market
Gtech, a Worcestershire-based manufacturer of vacuum cleaners and garden tools, achieved global sales of more than £17m last year after taking the Taiwanese market by storm.
According to the company, over half of its international growth in 2017 came from the country, with revenue more than doubling last year from £3.8m to £8.4m.
Grey said to The Manufacturer that their now Taiwanese distributor, Kevin Quo, gave the Gtech Multi product to a well-known Taiwanese vlogger and subsequently “interest sort of exploded!”