Surface Generation, an SME composite processing equipment manufacturer based in the Midlands, has secured £3.1m of new investment to help maintain its rapid growth.
The investment will enable the company to continue expansion overseas, enter new markets, increase the workforce from 30 to 40 and expand annual revenue to £2m for 2014/15.
Ben Halford, chief executive, Surface Generation said: “We are thrilled to have secured this additional funding from our investors who are committed to the long term growth of the business.
“The new investment will enable us to continue to grow in our existing markets, which range from aerospace to consumer electronics, but also enter new ones such as energy. With our new investment, we will also be looking to employ 10 new staff immediately, taking our headcount to over 40 people.”
“Having recently opened a facility in Taiwan we are now planning to open demonstration centres on the West and East coast of America requiring an additional 10 staff. These are important developments as more than 90% of our revenue comes from overseas.”
Last year, the firm secured its biggest ever contract win with IHI Corporation, the Japanese engineering giant, which will use Surface Generation’s new patented process to create lightweight jet engine parts for a major next generation single aisle commercial aircraft programme.
In addition, to its existing clients, Surface Generation is currently in talks with 12 manufacturers around the world (7 Fortune 500) and is predicting annual revenue of £2m for the financial year 2014/ 2015, which would be a rise of around 233% on the previous year.