Leading marine engineering company completes £3.2million equity funding round
Hayle based Triskel Marine, a world leading disruptive technology company in the marine industry sector, is the latest company to receiving funding from the Cornwall and Isles of Scilly Investment Fund.
The award-winning business, which trades as Integrel Solutions, completed a £3.2million funding round, which included £1 million from CIOSIF and matched funding from private investors in the United States. The deal follows a £350,000 loan from CIOSIF earlier this year.
The funding will be used to drive the growth of the business internationally, in addition to creating eight new positions from their base in Cornwall. It will also allow the completion of current R&D projects to introduce e-drive and torque boost technology to the Integrel product range
Triskel Marine’s Integrel technology collects excess energy from a boat’s inboard engine that would otherwise go to waste, storing it in batteries for later use. This energy can then be used around the boat to power lights, ovens, air conditioning, refrigerators and water makers, reducing overall power consumption, lowering marina costs and negating the requirement for noisy generators.
The system is already popular with many of the top boating brands such as Balance Catamarans, Fountaine Pajot, Bali, Lagoon, Outremer and Gunboat, with over 140 vessels already carrying the technology. And it recently won an international DAME Design Award at the global METSTRADE trade show in Amsterdam, with the judges particularly noting the excellence of Integrel’s engineering.
Trevor Howard, Managing Director of Triskel Marine, commented: “Our goal is to become the go-to option for boat builders and owners who seek a lighter, quieter and more power efficient generation choice. We have already established strong relationships in the marine sector and we’ll be building on these in part by developing our technology for larger vessels, and move into e-drive and torque boost which will expand our market and give even more customers access to our innovative tech. This equity funding round is key as it will enable us to hire new local staff to develop our systems, support our clients and ultimately grow our business.”
Ralph Singleton, Head of Funds, Cornwall at The FSE Group, added: “Triskel Marine is an exciting business with healthy and consistent growth in an established yet developing sector. The marine industry is trying to collectively make greener choices and establish eco-conscious practices. Capturing waste energy is an excellent way to reduce energy production with the added benefit of being more cost-effective. Cornwall is a region that is renowned for its focus on climate and environmental issues and we are delighted to see a local green tech company becoming so prominent in its sector.”
Paul Jones, Senior Investment Manager at the British Business Bank, said: “Developing greener sources of power generation will be important for reducing the carbon footprint of the marine sector. It is good to see CIOSIF investment being used to back this kind of innovation and we wish Triskel Marine every success for the future. Triskel have been able to use the CIOSIF investment to unlock further overseas investment which is good both for them and the wider Cornish economy.”
John Acornley, LEP non-executive director and chair of the CIOSIF Advisory Board, added: “Our region is renowned for its blue and green economy and in Triskel Marine we see the fusion of the two. Their innovative technology has huge potential to help decarbonise the boating industry.”
CIOSIF is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020.
The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).
For more information about the Cornwall & Isles of Scilly Investment Fund including how to apply, please visit www.ciosif.co.uk or follow the fund on Twitter at @CIOSIFBBB2